| The 20 th Party Congress report,proposed to accelerate the development of the digital economy,promote the deep integration of the digital economy and the real economy,the digital economy in 2023 once again on the new wind,the stock price fluctuations,the possibility of damage to investor assets rise,so the analysis of the digital economy stock price fluctuations is of great practical significance.Behavioral finance theory finds that among the limited attention of digital economy investors,only those information that attracts their attention and affects their investment actions,so it is important to investigate the attention of investors in order to help them understand their investment behavior and jointly maintain the stability of financial markets.Based on this,this paper selects Oriental Wealth Information Co.,Ltd,which has the highest weight in CSI Digital Economy Index,as the research object,and selects investor attention to measure the attention of investor groups to the stock market and explore the influence of investor attention on the fluctuation of Oriental Wealth stock price.In this paper,we firstly analyze the theoretical analysis by combining the irrational theory of investors and information asymmetry theory;secondly,on the basis of the theoretical analysis,we analyze the current situation of investors’ attention and stock price fluctuation of Dongfang Fortune;secondly,we analyze the empirical analysis by combining the theoretical analysis and the results of the current situation.Finally,we propose suggestions from the perspective of national government to build a harmonious and stable stock market and create a virtuous cycle investment environment.The results of the study show that: first,through theoretical analysis,it is found that investors in the current market will face problems such as asymmetric access to information and incompletely efficient market when operating stocks,which may cause irrational behavior,and then directly or indirectly affect the change of investors’ attention,and these factors will eventually lead to the phenomenon of stock price volatility of listed companies,based on this,it is initially determined that investors’ attention will lead to Based on this,it is preliminarily determined that investors’ attention will lead to share price fluctuations of listed companies.Second,the analysis of the current situation reveals that Dongfang Fortune has the characteristics of brand effect and competitive advantage,and faces a complex market environment,the changes of these factors will affect the attention of investors,which will cause the share price fluctuation of Dongfang Fortune.Third,the results of the empirical analysis show that firstly,without considering the mediating variables,investor attention has a positive contribution to the share price volatility of Orient Wealth,secondly,the policy announcement variables play a mediating role in the mechanism of the influence of investor attention on the share price volatility of Orient Wealth,and finally,after introducing the mediating variables,it is found that investor attention has a positive contribution to the share price volatility of Orient Wealth.Fourth,from the perspective of national government,suggestions are made to build a harmonious and stable stock market,improve the requirements for listed companies and pay attention to the influence of investor groups.This paper innovatively uses investor attention to measure the influence of investors on the stock market,and Oriental Fortune,as a representative of individual stocks in the digital economy,conducts a combined analysis to explore the findings of the influence of investor attention on the stock price fluctuation of Oriental Fortune,and hopes to help the stock market achieve the goal of a virtuous cycle benefiting multiple parties as soon as possible with the help of the research and analysis findings. |
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