An Empirical Research On The Relationship Between The Emotional Sentiment Of The Southern Investors And Of The Northern Investors And Their Returns From The Stock Markets

There are a large number of emotional investment behaviors in the stock market,which have certain impact on the stability of China’s securities market and even on the financial markets.Therefore,studying the relatio 章 nship between the investor sentiment and the market return has certain theoretical and practical significance.This paper selects investors from the North China and from the South China as the entry point,and deeply explores the cultural characteristics and personality characteristics hidden behind the regional characteristics,and then it transmits to the impact on market returns.It tries to explore the influence law between investor sentiment and market return in the South China and in the North China from a relatively new perspective.First of all,from the analysis of the geographical characteristics of the north and of the south,the geographical environment of the north and of the south has long been different character characteristics of the South and of the North.Then,from the analysis of the cultural characteristics of the North and of the South,different historical backgrounds form different cultural characteristics,and the people of the South and of the North also have different cultural labels.Especially since the reform and opening up,with the great development of the market economy,most investors in the South have the distinctive characteristics of savvy,innovative and tolerant failure.The northern investors are relatively conservative,advocating authority and casual.In summary,this paper expands the differences in personality characteristics between investors in the North and in the South,collects practical data,classification analysis,and demonstrates the agent’s sentiment index through theoretical modeling,using Granger causality test,least squares regression and other methods.An empirical study of the relationship between the market and the stock market returns is carried out to verify the validity of the research conclusions.Based on the practical experience of the first-line securities market,this paper increases the number of new accounts as the construction factor of investor sentiment variables under the framework of BW sentiment indicators,in order to measure the degree of mutual influence between investor sentiment and marketreturn.Under the full sample interval,there is a Granger causal relationship between stock market yield volatility and investor sentiment changes,and there is a significant positive impact.Significant events are basically the same as general research conclusions,but there is a tendency for investor sentiment to lag slightly behind the index.From the perspective of the North and of the South,investor sentiment in the South is more peaceful than in the North,and is relatively less affected by fluctuations in stock market returns.The research results of this paper are conducive to refining the theoretical basis of investor education,and it helps to consolidate the theoretical basis of investor education,with a view to promoting a more orderly and rational development of China’s financial market.Of course,investors in the North and in the South should also have a deep understanding of their investment sentiment and remain introspective and restrained in their investment decisions.