Research On The Impact Of Black Swan Event On Stock Price Of Listed Companies In China

In recent years,Black Swan incidents occur frequently,which has a serious impact on China's stock market.For example,the market value of film and television media stocks evaporated by nearly 10 billion yuan under the influence of Yinyang contract events;the market value of A-share game companies shrank by nearly 10 billion yuan on the day of suspension of game number issuance events;and the 5G sector of A-share shares fell by 3%on the day of Huawei incident.Events like this have emerged in endlessly,and people have come to the point of discoloring the black swan,which has formed a stereotype of catastrophic negative events.Although people's risk prevention measures are becoming more and more perfect,the new black swan is still very defensive.The popularity of the Internet has widened the scope of the Black Swan incident and intensified people's panic.What is the black swan incident,why it happened,how it affects the stock market,and how to deal with it has aroused widespread concern.In this paper,the qualitative research,from five dimensions to study the black swan incident,systematically analyzed the definition,type,causes,impact and coping style of listed companies.The empirical study of this paper,for the first time,introduces the emotional factors to study,choosing the turnover rate,trading volume,price-earnings ratio and the growth of trading volume as emotional proxy indicators,and taking the black swan incident of A-share listed companies in 2008-2018 as the research object,empirically analyzing the impact of black swan event on stock prices.The empirical results show that:firstly,the black swan event has a negative impact on the stock market;secondly,the investor sentiment under the black swan event will aggravate the impact of the event on the stock price,and the impact is significant.The final conclusion of this paper is:firstly,the Black Swan incident is unpredictable,but can be effectively prevented through historical experience;secondly,the investor sentiment under the Black Swan incident will aggravate the negative impact of the incident on the stock price of listed companies;thirdly,the positive response measures of listed companies can promote the stock price recovery as soon as possible.Stock market participants should deal with the black swan incident from two perspectives:pre-prevention and post-response.On the one hand,listed companies,investors and regulators can take precautions in advance by looking for the possible clues of the Black Swan incident;on the other hand,they can guide investors to respond afterwards.The innovations of this paper are as follows:firstly,the black swan event is studied by qualitative and empirical methods;secondly,the investor sentiment is introduced into the empirical analysis of the impact of the black swan event on stock prices.