Research On The Impact Of Individual Investors' Perceived Risk On Stock Price Fluctuations Based On Stock Bar Comment

Chinese stock market investors include individual investors and institutional investors.With the growth of the stock market,the importance of individual investors in the stock market cannot be ignored.Since most individual investors are not completely rational,in the high-risk stock market,they will perceive risks from all levels,which will affect investment behavior,and eventually lead to stock price fluctuations.Therefore,studying individual investors’ perceived risks and analyzing their impact on stock price fluctuations can help guide individual investors to invest rationally and maintain stock market stability.To this end,this paper has done the following work: First,it sorts out the relevant researches on perceived risks and factors affecting stock price fluctuations,analyzes the insufficiency of existing research,and demonstrates the necessity and research contribution of this research;The word vector method mines the perceived risk of individual investors,and analyzes the dimensions of individual investors’ perceived risk through cluster analysis.Finally,a regression model is constructed to explore the impact of individual investors’ perceived risk on stock price fluctuations,and to analyze the endogeneity and robustness of the model.test.The study found that:(1)The perceived risk of individual investors may come from three levels: market,finance and psychology.Among them,market risk is related to the overall trend of the broader market,and financial risk involves the financial risk of individual investors and companies.Risk refers to the risk caused by the fluctuation of the investor’s personal psychological state;(2)The perceived risk of individual investors has a significant positive impact on the stock price volatility,which means that when the individual investor’s perceived risk level rises,the stock price volatility is greater,and the control variable is the company’s profit.Capability is significantly positively correlated with stock price volatility,while the control variable operating capability is not significantly correlated with stock price volatility.The model considering the endogeneity problem is basically stable,and the model that replaces the explained variable indicators passes the robustness test;(3)Comparing the impact of individual investors’ perceived risks,company profitability,and operating capabilities on stock price volatility,it is found that individual investors’ perceptions Risk has the greatest impact on stock price volatility.Therefore,both enterprises and government agencies should pay attention to the perceived risks of individual investors,and guide individual investors to correctly understand the risks of the stock market,so as to achieve the purpose of maintaining the stability of the stock market.