Research On The Relationship Between Investor Sentiment And Stock Yield

In the 1950 s,modern financial theory was born.After more than 20 years of rapid development,a relatively mature financial theory system was initially formed.However,with the emergence of market visions in the securities market,the doubts about traditional finance theories have intensified.Many scholars believe that one of the most important premise assumptions in traditional financial theory is the “rational man” hypothesis.The perceptual side of investors,and the knowledge and cognition of each investor are different,leading to the existence of many irrational factors affecting investors' investment decisions.On the basis of the questioning of the two basic theories of traditional finance,behavioral finance came into being,and constantly developed and perfected two theories: investor sentiment theory and limited arbitrage theory.Based on the theory of investor sentiment,this paper analyzes the impact of investor sentiment on China's stock market returns.In the choice of measurement methods of investor sentiment,this paper get investor sentiment through the crawling acquisition and sentiment analysis of network text data,and based on this structure Investor sentiment indicators.This article selects the Oriental Wealth SSE Index Stock Forum as the data source,using the sentiment analysis technology in natural language processing to the investors.Emotions are identified,based on which the proxy indicators of investor sentiment are constructed tor analyze the impact of investor sentiment on China's stock market returnsThe paper uses the GARCH family model to test the impact of investor sentiment on stock market returns and volatility and whether there is an “asymmetric effect” in the stock market.And an empirical analysis of whether investor sentiment can predict the direction of the stock market.The empirical results demonstrate that the investor sentiment index constructed in this paper significantly affects the stock market return rate.The investors' responses to good news and bad news are significantly different,and investor sentiment has a certain predictive effect on future stock market returns.