Research On The Impact Of Investor Sentiment On Stock Yield Of Online Education Sector Under The Background Of Double Reduction

Since March 2021,China’s Ministry of Education has continuously issued policies to adjust the education industry.These adjustments will affect the expectations of enterprises and individual investors on the future returns and risks of assets,change their asset allocation,aggravate the uncertainty of the economy,and affect the stock market.This article focused on the education sector of the listed company,with turnover,turnover,turnover rate,rising number/total,Shuang Jian baidu search index of the current and lag issue of variables to construct investor sentiment index,in the "Shuang Jian" policy and the policy under the background of frequent updates added to explore investor sentiment influence on short term and long term stock returns,The paper also studies whether economic policy uncertainty plays a moderating role in the process of investor sentiment affecting stock returns.On this basis,the direct impact of investor sentiment on stock return and the moderating effect of economic policy uncertainty are further discussed whether there are differences among stocks with different asset size,market value and P/E ratio.It provides a reference basis for government decision-making and economic participants to allocate assets reasonably in the complex market competition.The empirical results show that in the nine months after the release of the "double reduction" policy,investor sentiment has a positive impact on the stock return in the short term,and a negative impact on the stock return six months later.Economic policy uncertainty has a positive moderating effect on the positive impact of investor sentiment on stock returns.Compared with large-scale enterprises,low market capitalization enterprises and low P/E enterprises,the positive impact of investor sentiment on stock return is more significant for smes,high market capitalization enterprises and high P/E enterprises.Compared with smes,low market capitalization and low P/E ratio,the moderating effect of economic policy uncertainty is mainly reflected in large-scale enterprises,high market capitalization and high P/E ratio enterprises.