| There are many factors affecting the rate of return on stock investment,such as gross domestic product,domestic price index,exchange rate,macroeconomic boom index,and microeconomic indicators such as market value and price earnings ratio of listed companies.A lot of previous studies have been carried out around the analysis of financial indicators,fundamentals and technical aspects,and the research on the impact of non economic factors on stock returns is very little.Since the outbreak of the American subprime mortgage crisis in 2008,the theory of behavioral finance has been widely paid attention to.Behavioral finance focuses on the psychological,behavioral and social phenomena of the financial impact of the people.Behavioral finance,even psychology,breaks the assumption that finance is based on "rational people" and makes many principles no longer applicable in irrational situations.It explains the non-traditional financial phenomenon from another angle,and gives people new ways of thinking and investment.Specific to the actual situation in China’s stock market,some unexpected events,policy release and hot news will cause investors to raise the concern about related stocks,related industries and even related sectors,and this investor’s attention is limited,only under the limited time and limited energy of the investors.When information is spread through the network at a high speed,investors need to consider buying or selling a certain number of stocks in a limited time and established stock pool when they are investing in stock.Then,investors’ attention to specific stocks will have an impact on the rate of return on these stocks,specifically,when they are concerned.The investor concern of the period will have a positive impact on the stock investment yield of the 100 stock in the current period.In the past,the investors’ attention will have a reverse effect on the yield of the 100 stock investors,and there is a ripple effect.In this paper,through theoretical and empirical analysis,the impact of investors’ concern on Baidu’s 100 stock investment return is analyzed.Correlation analysis,model setting,data stationarity test,empirical test and optimal model selection are conducted in turn.Furthermore,the influence of investors’ concern on the stock investment return rate of CSI 100 is further studied.Finally,relevant conclusions and prospects are given.The main purpose of this paper is to examine the relationship between the investor interest index and the stock investment returns of China’s China and the 100 index,represented by the Baidu index,and then through the selection of the optimal model,a proper study of the model of the influence of investor attention on the return on stock investment is obtained.The analysis and research in this paper is of some significance,involving two aspects of theory and reality.By studying the influence of investor attention on the return on stock investment,it can enrich the theory of value relevance and behavioral finance,and it is an application of value relevance theory and behavioral finance theory in air quality.In reality,the conclusion is drawn through empirical analysis,which can guide individual investors’ investment decisions.Because China’s capital market is not perfect enough,the transfer of information is not smooth enough.Investors are often attracted by the media’s public opinion to follow suit and buy shares.Therefore,it is of practical significance to study the influence of investors’ attention on the rate of return on stock investment,to optimize the asset allocation of individual investors,to understand the interest of the listed companies,to understand the hot spot of the market and to carry out the supervision of the supervision department.The main method of application is normative analysis.Through the combing of relevant literature and related theories,we find the relationship between investor sentiment and stock investment returns,so as to do a good theoretical basis for empirical analysis.Secondly,this paper adopts the empirical analysis method.Through the use of Stata software to establish the model,using the knowledge of econometrics to study the relationship between the Baidu index and the rate of return on investment of China’s 100 stocks since January 1,2015.The actual conclusion is obtained.The conclusions drawn in this paper are mainly two.First,when the Baidu index rises and the investor’s attention to a stock increases,the investor uses the information already obtained to operate,which has a positive impact on the stock investment return rate;When the Baidu index decreases,investors’ attention to a stock will decrease,which will have a negative impact on stock returns.Second,past investor attention will have a negative impact on the current stock investment yield,which is the reversal effect.On this basis,the following suggestions are proposed: First,financial regulatory agencies should crack down on information hype and manipulation of the media,and at the same time strengthen investor education and financial knowledge;secondly,listed companies should standardize their operations and consciously eliminate information hype.Resolutely prevent the dissemination of false information;finally,in order to achieve good investment returns,individual investors should establish a scientific and rational investment philosophy,rational use of the company’s fundamentals and hot information,remember not to blindly follow the crowd. |
