| The sports industry has the characteristics of high added value,strong universality,green and low-carbon,and wide coverage.Developing the sports industry is an important strategic measure to realize the goal of becoming a sports power,and also an important content to boost the construction of economic power and realize the Chinese dream of great rejuvenation.Sports enterprise is an important organizational unit of the sports industry.The sound development of sports enterprises has a great contribution and influence on the flourishing growth of the sports industry.As a barometer of the economy,the stock market often appears the phenomenon of soaring and plunging stock prices,and the fluctuations of stock prices are related to investor sentiment.Based on this,this paper takes investor sentiment as the entry point and explores the influence of investor sentiment on sports industry concept stock price fluctuation to explore certain rules for the development of our sports industry and the improvement of the stock market.First of all,since there is little literature on sports industry concept stock investor sentiment for reference,this paper draws on relevant research on stock market investor sentiment,adopts the construction idea of BW index,and adopts the research method combining market variable method and survey method.In order to take into account the recognition degree of selected indicators,the continuity of data and the difficulty of obtaining,six kinds of proxy indicators and their lagged items were selected,and the key information was extracted from the proxy indicator data by the method of cubic principal component analysis to construct the investor sentiment of sports industry concept stocks,and the validity of the sentiment was tested.Secondly,through the establishment of VAR model,the relationship between investor sentiment and the volatility of sports industry concept stocks is discussed.The empirical results are as follows: the positive impact of investor sentiment on the volatility of sports industry concept stocks has a certain continuity and is first positive and then negative;the stock price fluctuation of sports industry concept stocks has a lag effect on investor sentiment and is first negative and then positive.Then,considering that changes in investor sentiment in different directions may have different effects on the stock price volatility of sports industry concept stocks,the TARCH model is used to explore the impact of positive and negative changes in investor sentiment on the stock price volatility of sports industry concept stocks.The results show that: Compared with negative investor sentiment,positive investor sentiment has a stronger impact on the stock price fluctuation of sports industry concept stocks.At the same time,based on the above empirical results,put forward countermeasures to sports industry concept enterprises,sports industry concept stock investors.(1)Countermeasures for sports industry concept enterprises: strengthen the public construction of enterprise network;Improve the comprehensive quality of managers;Optimize investment decisions of enterprises.(2)Countermeasures for sports industry concept stock investors.Institutional investors: pay attention to the government’s policy attitude towards the sports industry;Pay attention to the updating and upgrading of information analysis technology;Pay attention to the willingness of individual investors to invest.Individual investors: systematically learn the relevant knowledge of securities investment;enhance their rational cognitive ability;Master the skill of identifying sports industry concept stock information.Finally,the following suggestions are put forward to the regulatory authorities:establish the early warning system of the investor sentiment of sports industry concept stocks;reasonable adjustment of sports industry concept stock information;Optimize the sports industry concept stock investor environment in the market. |
