Research On The Influence Of Online Comment On Stock Price Based On Elaboration Likelihood Model

The development of science and technology has expanded the channels of people's access to information and exchange,and investors can obt ain information and exchange experience through Internet media.The network information is uneven,and a large amount of information is mixed with a lot of noise.At present,China's financial market is still in a weak effective market.The financial market is still not mature and the market mechanism is still imperfect,and there are a lot of speculative transactions.In China,the individual investors have a high share.Influenced by professional knowledge and lack of sufficient information judgment,there will be serious speculative tendency in the information acquisition and value judgment of individual investors,which will aggravate the risk of market fluctuation.Therefore,it is very important to explore what factors affect the investors' investment decisions and to study the factors that affect the volatility of the stock market and the stock return rate.This is very important to ensure the maturity and healthy development of the stock market.Based on the Elaboration Likelihood Model(ELM),this paper explores the impact of online reviews on stock prices.According to the analysis,online comment information will affect investors through two different ways: center route and peripheral route.The content and quality of online comments will affect the decision-making behavior of investors through the center route.Information sources and characteristic factors in online reviews,such as influence,reading number,comment number,will affect the decision-making behavior of investors through the peripheral route.Through the emotional analysis of online reviews,we construct the emotional index and the emotional consistency index to verify the relationship between investor sentiment and stock return.At last,empirical tests were conducted using the information in the text and financial information.The results show that: in the central path,the consistency of investor sentiment has no significant impact on the stock price.In the marginal path,user influence has a significant impact on the stock return,and the emotional inclination of high impact users has a volatility spillover effect on the stock return.And by verifying the weekend effect of stock yield and sentiment index,we can find that since 2017,the weekend effect of Chinese stock market's yield is not significant,but there is still weekend effect in the sentiment index of stock market.