Effect Of Digital Interactive Media On Stock Market From The Perspective Of Big Data

The prosperity and stability of the stock market have a far-reaching impact on promoting the rapid growth of the national economy and the integration of the world economy.As one of the leading financing channels in the market economy system,the stock market is useful platform to activate capital circulation and realize optimal allocation of resources.More importantly,a consummation development of the stock market is conducive to protecting the interests of market investors,maintaining the intrinsic value of the company.It also can provide a reliable guarantee for the prosperity and stability of the financial market and secure the consolidation of the social order.However,in the stock market,some reports or news are not officially confirmed before published,like rumors,which often have characteristics of rapid dissemination,clear orientation,and distortion of facts.The rumor will increase the asymmetry of market information and seriously disrupt investors’ trading decisions,trigger extreme volatility in securities markets,and even result in financial crisis.In recent years,with the emergence of Web 2.0 and development of the digitalization,the Internet has become the main channel for investors to obtain market information.The release and dissemination of rumors have also been transferred from traditional paper media to modern online media.The efficient information dissemination and the vast information capacity on the Internet significantly reduce the cost of manufacturing rumors and hides the source the disclosure.Under the extensive verification,the network rumor has become a new "risk source" that affects the healthy development of the stock market.At the same time,the evolution of IT technology has gradually transformed the Internet from an information dissemination platform to a digital interactive media for information interaction.In the digital interactive media,listed companies can publish relevant market information,and investors can easily browse the disclosure information.It is also possible to verify the authenticity of the market information obtained from other channels about these listed companies,and the listed company will explain and clarify the investor’s questioning.This emerging interactive mode has changed the rumor clarification from the traditional one-way communication mode to the information interactive question-and-answer mode,creating a new form of market information interaction.As the information subject of digital interactive media,rumor clarification information has been highly concerned by all parties in the market.However,based on the freedom and openness of the Internet,digital interactive media will inevitably introduce a large amount of new information into the stock market.The interactive question and answer mechanism will also bring to a lot of false information and "noise information".Furthermore,listed companies have to argue and clarify,which further makes the stock market more complicated.At present,few researches focus on the impact of digital interactive media on rumor clarification,and there is almost no relevant argument based on the clarification of the effectiveness of digital interactive media rumors.Moreover,the relationship among rumor clarification in digital interactive media,investors,listed companies and market regulators are also seriously lacking in corresponding research and in-depth discussions.Three critical questions will become the important and urgent research topic and has a high scientific research value: how the rumor clarification based on digital interactive media will affect the stock market,how to effectively quantify the depth and breadth of this influence,and how to use this influence to identify and control stock market risks.This study works on rumor clarification information in digital interactive media with the perspective of mass information on the Internet.First of all,the speed and breadth of information dissemination and the richness of information content in digital interactive media have led to the generation of massive information.Due to the complex information components and the huge amount of information,the rumor clarification of digital interactive media cannot be effectively captured through traditional manual methods.Moreover,the research of digital interactive media must be based on massive information and rumor clarification information acquisition,through comprehensive analysis to ensure the accuracy and effectiveness of research.Therefore,the automatic identification and quantification of the rumor clarification in digital interactive media is the first step of this research.Then,digital interactive media is essentially a “double-edged sword”.Although the rumor clarification information release will improve the information transparency of the stock market at a certain extent,the role of “irrational” investors cannot be ignored.The impact of rumor clarification in digital interactive media on the stock market needs to be further verified.Therefore,under the premise of data acquisition,this study is the first to use the econometric method to verify the stock market influence of digital interactive media,deeply analyze the causal relationship between various factors and influence,build the second link of this study.Finally,market participants are more eager to gain the depth and breadth of their influence when they perceive and analyze the effect of rumor clarification.However,the traditional linear methods are difficult to measure the degree of influence in detail.Therefore,with the impact verification and analysis on the stock market of digital interactive media,this study accurately describes the specific influence of rumor clarification information on the stock market in digital interactive media by means of artificial intelligence and deep learning.Based on it,intelligent risk analysis system(SWUFE-FA)was built up to explore the market applicability of digital interactive media,enhance the practical ability of stock market risk analysis,and complete the third part of this research.In summary,this study follows the research logic line of "identification and quantification of rumor clarification in digital interactive media-analysis the correlation between digital interactive media and the stock market-precise quantitative analysis the effect of digital interactive media on the stock market " in digital interactive media and extends from the theoretical research level to the practical application level.Through the careful and rigorous analysis of this study,the exploration of several important issues based on digital interactive media is completed.Specifically,this study mainly includes the following four aspects:Firstly,the identification and quantification of rumors clarification information in digital interactive media.In the digital interactive media,the rumor clarification information disclosure will have a significant impact on the decision-making behavior of investors.The analysis of the rumor clarification information is an important basis for exploring the influence of digital interactive media.However,digital interactive media has the characteristics of huge amount of information and fast propagation speed.In the face of massive digital interactive media data,it is obviously impossible to complete data processing by means of manual methods.It is necessary to rely on technical methods to automatically complete data extraction and screening and build the foundation of research and analysis.Therefore,this study initiative puts forward the automatic identification and quantitative methods of rumor clarification in digital interactive media and uses structure characteristics of the “questions-and-answers” and “one-to-one”.This study explores the interdependence between rumor and rumor clarification information,through the capture and analysis of rumor information,our research indirectly extracts and quantifies rumor clarification,achieves the emotional polarity and listed company’s media behavior of rumor clarification quantification.Specifically,in the identification of rumor clarification information,our study unitizes text mining technology to achieve digital interactive media information capture.Based on the short text features and rumor content features of rumor documents,rumor identification uses of the recurrent neural networks(RNN)implicit layer learning training to extract the deep features of the text to avoid the problem of feature construction offset.Filter the rumor information from the massive interactive media information,and then through the corresponding relationship between rumor and rumor clarification to complete rumors clarification identification.In the aspect of rumor clarification information quantification,this study uses the advanced machine learning technology-the convolutional neural network(CNN)to extract the characteristics of the rumor clarification content by the Chinese financial emotional dictionary.With the confirmation or denial analysis of the rumor content to automatically identify the emotional polarity of rumor clarification document,the emotional bias in the clarified information is successfully captured.In addition,based on the characteristics of the response time,the number of responses,and the number of response words,our study further obtains the quantitative results of media behavior of listed companies.Furthermore,our study constructs two databases: information database for digital interactive media,a basic database for rumor clarification information research and media behaviors database from listed companies,which laid the foundation for later scholars to carry out related research.The data foundation provides effective data assurance and support,and it has a great significance and outstanding contribution to the development of digital interactive media research.Secondly,the impact of digital interactive media on the stock market.In fact,digital interactive media is a “double-edged sword” and its impact on the stock market is relative.On the one hand,according to the "effective market" hypothesis of traditional finance,rumor clarification information can increase the information symmetrical in the stock market and help eliminate the false premium.On the other hand,according to modern financial behavior theory,there are a considerable number of “irrational” investors in the stock market.In the case of new information,it will lead to investor sentiment changes,which will cause abnormal fluctuations in stock prices and delay the value of the stock price returns.In addition,the media behavior of listed companies is closely related to the quality of rumor clarification information disclosure.The interactive question and answer mode of digital interactive media increases the interaction between investors and listed companies.Listed companies can issue corresponding rumor clarification information for investors’ rumors.Therefore,the impact of the released information content details,timeliness and frequency on the effect of rumors clarification is also a very valuable research,especially for the governance level of listed companies.Therefore,this study also discusses whether digital interactive media will have an impact on the stock market,and whether investor sentiment and the media behavior of listed companies will affect the quality of rumor clarification information disclosure,these are scientific and practical research challenges.This study based on the identification and quantitative research of rumor clarification information,through traditional econometric methods,it is first work to explore the influence of rumor clarification on the stock market and use the investor sentiment and the media behavior of listed companies to analyze the effect of rumor clarification on the stock market.Based on the identification and quantification of rumor clarification information,this study first utilizes the traditional econometric methods to explore the impact of rumor clarification information on stock market.Then,this study further uses the sentiments of investors and media behaviors of listed companies to analyze the market effectiveness of rumor clarification information.After analyzing these researches on the optimization and revolution of digital interactive media,our work also provides relevant governance basis and sufficient argumentations for the disclosure of stock market information.Thirdly,the digital interactive media impact quantification and intelligent risk analysis system(SWUFE-FA)based on machine learning.Econometric models can effectively reveal the causal relationship between digital interactive media and stock movements,but for investor participants,how to accurately quantify the depth and breadth of the impact on stock movements is the key to explore the risk assessment of the stock market.Since the traditional linear methods has limitations to track in stock fluctuation,this study takes the advantage of deep neural network in capturing high-dimensional data interaction and provide an effective way to quantify the depth and breadth of such impact of digital interactive media on the stock market accurately.In addition,this research innovatively utilizes the rumor clarification information in digital interactive media and constructs an information-driven intelligent risk analysis system: SWUFE-FA,which provides a new way for market risk analysis and the future development direction of digital trading.In fact,there are two important challenges in the above related studies.Firstly,there is interaction between different market information sources.Traditional machine learning models and algorithms ignore such interaction among multiple market information.Secondly,the heterogeneity of time sampling exists in the multi-modal information.The traditional time series model will discard some useful information and cannot learn the value of information fully.Therefore,this study first proposes a tensor-based,event-driven and long/short term memory(eLSTM)model,which innovatively uses the tensor representation instead of the compound vector method to model market information.So that,the interconnection of different information sources can be maintained,and the loss of information value caused by the vector method can be solved.Moreover,the event-driven eLSTM model is skillfully used to solve the heterogeneity in sampling time of different data types,rationally handle the data fusion problem between the continuous values(basic data)sampled at fixed time intervals and the discrete values(digital interactive media data)sampled at non-equal intervals,which reduces the omission and dimensionality sparsity of research data,and is more advantageous in capturing special relationships hidden in the multiple data.On the above work,this study pioneered to build an intelligent risk analysis system(SWUFE-FA).With the help of effectiveness of clarify rumor information on the digital interactive media,this system can efficiently strength the ability of risk awareness for current stock market and further promote the construction and development of the intelligent risk analysis environment,including market volatility assessment,transaction risk identification and effective investment opportunity capture.It is of great reference value on these financial aspects.Fourthly,policy recommendations and future ideas based on digital interactive media research.In the digital era,the relationship between digital interactive media information and market participants is becoming closer and closer.This research innovatively conducts related studies on the impact of digital interactive media on the stock market,and combined with the research conclusions,from four different perspectives of financial market supervision,digital interactive media guidance,listed company governance and investors’ cognition and behavior,provide guidance and suggestions for the optimization and reform of digital interactive media.It also can reasonably guide investors’ rational trading,strengthen the autonomy management of public listing,and effectively provide a way for regulators to supervise market risks.At the same time,this system make contribution to enhancing the transparency of information in the stock market,regulating the healthy operation of the stock market,protecting the fundamental interests of investors in the market,and maintaining the prosperity and stability of the stock market,to some degree.