An Empirical Analysis Of The Influence Of Internet Big Data On A Shares

In recent years,with the rapid development and application of the Internet,big data,and information science,various types of public information on the financial market have also become more and more.With the development of the social economy and people's increasing investment awareness,stock investors Gradually,relevant information is gradually obtained through network platforms and mobile terminals to assist their investment decisions.Many scholars analyze the impact of internet big data on the stock market from the perspective of website forum click-through rate and page views.However,this article believes that Internet Big Data is a broader concept,including fundamental data directly generated from the financial trading market in fundamental areas,such as listed company earnings,performance forecast,dividend delivery announcement,asset reorganization,employee stock ownership Information on events such as changes in plans and senior management,including information on the historical price,volume,turnover,and trend of stocks,futures,and options in the technical area;macro policies,industry supervision,and domestic and foreign environments,etc.The macro-middle-view data will also have a major impact on the financial market,and it also belongs to the meaning of Internet big data.The above-mentioned information belongs to the direct information or basic data of the financial market.It is directly generated by various financial market participants and their various activities.In addition to these basic data,Internet big data includes all types of derived data derived from basic data,including financial research reports and articles written by analysts and professionals,and data mining of basic data.Classes of conclusions and predictions,analysis websites of various types of Internet website forums,etc.In order to more comprehensively analyze the impact of Internet Big Data on the stock market and its information content and effectiveness,we discarded the research method that is different from most of the previous studies,that is,studying the impact of a single factor on the stock market from a single perspective.It is selected two different perspectives of Internet big data,these two perspectives are:(a),Internet search popularity,Baidu index data as a proxy variable for public opinion,study the impact of public opinion on the stock market trend and the first relationship(b)Analysts consensus forecast data to study the consensus forecast of stock market analysts on the stock market.Internet search represents the general market participants' views and attention on the market;analysts expect the data to represent the views and understanding of professional financial analysts on the future of the market.Based on the theory of behavioral finance,combined with professional knowledge and analysis frameworks such as econometrics,statistics,and computational science,this paper makes an empirical analysis of the influence of the above-mentioned types of open market information on the stock market and the leading role of stock prices,and mainly analyzes the public opinion.Data,market interest heat information,stock history price,and company announcements affect the market and stocks.The research results show that there is a clear positive correlation between the index of investor attention of internet big data extraction such as Internet click rate and search times and the absolute excess return,turnover and turnover of A-share market.Investors' attention increases,and the market's volatility,trading volume,and turnover rate will increase significantly.However,this index is not significantly related to stock market yield;from the perspective of major segments,AT investors in the cyclical industry are concerned The correlativity between the alpha(concept plate excess returns)market variables is significantly stronger than that of other industries.The cyclical industry may be affected by large macro-level news.The industry has relatively low public opinion noise and high information content.The increase in investor attention in the internet big data of the industry can be used as a forward-looking indicator of the stock price to a certain extent;the consumer industry is similar to the TMT industry,and investors are concerned with alpha(excessive return of the concept plate)and alphaabs(conceptual block).Absolute excess return rate is not significant,but it has a significant correlation with amt(conceptual block turnover)and turn(concept block turnover rate).It shows that in the consumer and TMT industries,investor attention has an impact on volume and turnover,but it does not have a significant effect on stock price movements and volatility;2.Analysts predict that statistical data will be a good predictor of true roe,and with the month The closer to the annual report disclosure date,the smaller the forecasted deviation is,the analysts expect Roe to overestimate the true ROE to a certain extent;for different listing sites,the consensus ROE accuracy rate is higher,the stock price of the Shanghai Stock Exchange is higher than that of the Shenzhen Stock Exchange.Corresponding to the consensus expected roe accuracy rate of different listed A shares,the main board is higher than the SME board above the GEM.It is expected that the ROE accuracy rate is related to individual stock history roe,historical ROE volatility and total market value.The historical roe of individual stocks is higher;the ROE accuracy rate is expected to be higher consistently;the stock ROE volatility is higher;the ROE accuracy rate is expected to be consistent The lower the value of the stock market is,the more it is expected that the accuracy rate of roe will tend to be higher.