| The wide spread of the Internet promotes the development of media diversity,making it more and more important in the stock market. First, it serves as the most retail fundamental source to collect information in the stock market. Secondly, it has a big role to guide the investors’ investment directions. Finally, as for regulating the stock market and constructing the reasonable stock market, it plays an irreplaceable role. And for the rational investors in the domestic stock market, collecting the information will be the first thing in each transaction. Therefore, during the process of collecting information by investors, the search volume of the network platform can be a good reflection of the majority of investors’ attention for a single stock or plate or the entire stock market.This paper aims to study the impact of the media index and search index on the Chinese stock market, and give a more convincing proof through the panel data model.The collected data according to the difference of the share trend will be cut into two parts: the rational market and the non-rational market. The paper selects the market indexes for stock price, stock turnover rate, stock amplitude, and the Baidu Index,which includes search index and media index. First, using panel unit root tests, which include ADF-Fisher inspection and LLC test, examines the stability of the panel data,including all the market indexes and search index and media index, respectively to the rational market and the non-rational market. Secondly, the fixed effect model is established to study the impact of search index and media index on the rational market and the non-rational market respectively. Then, the paper takes the comparative analysis on the influence of the two markets to illustrate the scope and effect of media index and search index. Finally, according to the influence of media index and search index on the stock market, the paper will construct a multiple factors stock pricing model. |
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