Investor Attention And Stock Market Performance Based On Public Opinion Events

Nowadays,with the development of public opinion on the Internet,Internet platforms have become carriers of public opinion,and financial markets have also been affected by public opinion.Efficient market theory often fails to explain the anomaly of financial markets.The public sentiments expressed on social media and investor attention reflected on search engines may become a new measure of the stock market in emerging countries and provide expectations and decisions for investor psychology.In recent years,the Sino-U.S.trade war has become the focus of public opinion on China's Internet,and the network information generated by sudden public opinion events such as "US sanctions on ZTE" and "Huawei incident" has made 5G concept stocks in the high-tech sector on the stock market widely received by investors attention.This article first combs the relevant theories of behavioral finance from the theoretical level and conducts the analysis of the transmission mechanism.Secondly,the technical analysis of the construction of the investor attention index based on the Weibo platform is carried out,and the crawler technology is used to collect it from January 1,2018.From July22,2019 to July 22,2019,the corresponding public opinion events on Sina Weibo,the Weibo information of 20 5G concept stocks and the media index of the Baidu platform about the series of events,respectively constructed the Weibo public opinion of investors' attention to public opinion events Index,Weibo public opinion index of investors' attention to 5G concept stocks itself,and media index of series of events.From an empirical level,we use the Weibo public opinion index as a proxy variable for investor attention,and build a panel data fixed-effect model for regression analysis,and study the impact of investors' attention on related events and stocks on the return rate of 5G concept stocks,The impact of trading volume and turnover rate,and then examine whether the lagging term of the public opinion index has a predictive effect.Through theoretical analysis and empirical research,the following conclusions are drawn: First,during the public opinion event window,investors' attention to a series of sudden public opinion events will have a very significant negative impact on the return rate and turnover rate of 5G concept stocks.Impact,investors' attention to 5G concept stocks related stocks will have a very significant positive impact on the yield,trading volume and turnover rate of 5G concept stocks.Investor attention will affect the stock's yield and liquidity.;Secondly,by lagging the public opinion index by 1 to 2 periods,it is found that the5 G concept stock event media index has a relatively good predictive effect on the return rate,turnover rate and transaction volume of 5G concept stocks;in addition,we also found that the5 G concept stocks Among 5G concept stock companies,the impact of investors' attention based on 5G concept stocks on the stock market has a more significant impact on 5G concept stock companies with lower circulating market capitalization.Based on the above conclusions,this research suggests:(1)For corporate managers,it is recommended to pay more attention to the dynamics of various companies in the industry and establish corresponding preventive mechanisms;(2)For investors,it is recommended to use the online public opinion of related companies on Weibo as judgments One of the basis for predicting changes in the stock information of relevant companies in the stock market,so as to better predict the trend of the stock market;(3)For Internet media,it is recommended that Internet media pay attention to information publicity,not to make false publicity,and to eliminate false information.