The Impact Of Investor Attention Based On Baidu Index On The Stock Market Performance Of The Online Education Industr

At present,the online education industry,as a new form of education,is slowly gaining popularity.Investors also begin to pay more and more attention to the development of online education,which is reflected in the capital market,that is,the rise and fall of the share price of online education.Especially in the past two years,due to the emergence of COVID-19,home isolation learning office has made the online education once again enter the public view and become the object of public concern.On the other hand,with the rapid development of Internet technology,the possibility of investors’ attention being quantified has been better and better realized.At present,the zero quantitative indicators of investors mainly include two proxy scalars represented by the Internet and traditional indicators.Because the traditional indicators can not be measured from a positive and direct Perspective,Therefore,we chose the proxy variable represented by the Internet,and the domestic representative Internet index is Baidu Index,which can make up for the limitations of traditional indicators.These situations provide a lot of possibilities for us to study investor attention and the stock market performance of online education industry.As we all know,when investors pay more and more attention to the online education industry,it is bound to cause the stock market performance of online education.This paper will consider the correlation between the three and investors’ attention from the aspects of the current stock market return,stock market volatility and stock market liquidity of the online education industry.In addition,this paper not only considers from the perspective of the current period,but also analyzes the correlation impact of all aspects from the lag period.This paper mainly uses the method of empirical analysis to study the correlation between investor attention and stock market return,stock market volatility and stock market liquidity.Based on the three factor model,this paper establishes multiple linear regression models between investor attention and stock market return,stock market volatility and stock market liquidity under certain control variables such as company operation status and company market value scale.According to the analysis and verification of different regression results,draw their own conclusions,and synchronously verify the consistency with the previous assumptions.In addition,there is another innovation in this paper,which is that the research period of this paper is relatively long,covering the whole stock market cycle,including bull market,bear market and shock period,which ensures the reliability and accuracy of the research to some extent.Secondly,in order to ensure the accuracy of variable design including independent variables,dependent variables and control variables and enrich the correlation between variables,the independent variables represented by investor attention not only have absolute attention,but also introduce excess attention and abnormal attention as independent variable indicators.The dependent variables represented by stock return,stock volatility and stock liquidity have not only the impact of the current period,but also the impact of lag,which makes the model richer and more effective.Finally,the representative CSI 300 index is selected for the control variables,such as the control variables of the company’s operation and the control variables at the macro level.Therefore,all independent variables,dependent variables and control variables in this paper are designed after reasonable and effective analysis,which also lays a good foundation for the accuracy of follow-up data and the rationality of research.When the multiple linear regression model of investor attention and stock market performance is established,and the design of independent variables,dependent variables and control variables is completed,what needs to be considered is the effectiveness of data and the analysis of model results.After data cleaning and model regression,the results of three multiple linear regression models are obtained.We conduct regression analysis and hypothesis test according to the results,draw our own conclusions and verify the assumptions put forward above.In fact,the results of empirical analysis also verify the hypothesis proposed in this paper.In a certain time range,investor attention is significantly positively correlated with stock return,stock liquidity and stock volatility.However,from a long-term perspective,there will be a certain reversal effect on stock return,that is to say,the impact of investor attention on stock return will continue to weaken with the passage of time.These have been well demonstrated and studied in the empirical analysis part of this paper.In addition,this article also cited a large number of documents to draw lessons from the research findings at home and abroad,looking for the place related to this paper,and try to absorb the essence of predecessors to enhance the effectiveness of this article.Finally,although this paper can ensure the accuracy in the establishment of multiple linear regression model and the design of various independent variables,this paper also studies the relationship between investor attention and The correlation between investors’ attention and stock return,volatility and liquidity has also drawn a relatively worthy conclusion,but there are still some deficiencies in this paper.For example,due to domestic policies,Baidu is not a global search engine,Therefore,the corresponding result is that Baidu Index is not global to some extent.On the other hand,this paper does not accurately subdivide different stock market stages.For example,the downward subdivision in the shock period may also include structural bull market and technical bull market.Although these deficiencies may bring limitations to the research to some extent,they do not affect the overall direction and conclusions of this paper.