The Influence Of Investor Sentiment Based On Stocks Comments On The Stock Yield Of Growth Enterprises Market In China

With the development and maturity of China’s stock market,more and more individual investors appear in the market.With the rapid development of the Internet,Internet forum,micro blog and other online financial media have also enriched the entire stock market.In spread over the Internet,mobile phones and other mobile terminals are available now,every investor is not only financial comment information of the receiver,and reviews the publisher of information.Because some individual investors and professional investment technology and no comments information recognition ability,and these comments information whether true and false,no matter be confirmed are spread and spread,according to the theory of "noise trader",easy to cause the spread and influence each other comments information in our country stock market form a comment "irrational" information market.Therefore,the research content of this paper is based on the empirical research on the impact of investor sentiment on the growth enterprises market in China,which has practical significance to individual investors,institutional investors,listed companies and relevant regulatory authorities.Based on the theory of behavioral finance,noise traders,the spiral of silence theory and overconfidence theory,through the study in January 2014 to December2018,eastern wealth stocks growth enterprises market constituent stocks individual stocks,please review information,use of investor sentiment analysis method based on emotional dictionary,to get each comment on the emotional value of information,and then weighted by attention,eventually get investor sentiment indicators.This paper firstly analyzes the relationship between investor sentiment and the stock return rate of gem companies through the cross-sectional unit-regression model,and finds that the investor sentiment based on eastern wealth stocks has a significant explanatory power for the stock return rate of growth enterprises market in China.Then based on the theory of Fama-French three factor model,build added emotional factor four factor model,through the four factor model of regression analysis found that the growth enterprises market does exist in our country cannot be ruled out the subjective factors,through the network financial media spread investor sentiment is really affecting the yields of growth enterprises market in our country,also found significantscale effect of growth enterprises market in China,and the value effect is not a steady influence of the growth enterprise stock market in our country.The conclusions obtained in this paper not only expand the research content of behavioral finance,but also provide some warnings for the management of network big data and the release and dissemination of network information.More importantly,it provides constructive Suggestions for individual investors,institutional investors,listed companies and relevant government regulatory departments in China’s stock market.Individual investors should not only get all kinds of information from official channels,but also improve the ability to distinguish online comment information.They should not blindly believe and follow online comment information to avoid unnecessary risks and losses.With the advantage of professional knowledge,institutional investors should strengthen the timely collection and analysis of online financial media comment information,and add this factor into the stock return forecast,so as to obtain higher investment returns.First,listed companies should strengthen management of themselves,and prohibit a large number of inaccurate comments on the Internet financial media.Second,they should obey various rules and regulations,and timely disclose accurate information and business;Relevant government regulators should strengthen the supervision and guidance of the market,reduce irrational investment and ensure the healthy and orderly development of China’s stock market.