| With the rapid development of the Internet and modern technology,the new media power with its unique information channels,spread speed,operating costs and other advantages,as investors get investment information market,a convenient way.P2P network borrowing as a new form of financial through online and offline two-pronged approach to make up for the lack of traditional bank lending,welcomed by retail investors,but P2P as a new capital market,its rational investors accounted for less prone to "The phenomenon of traitors,especially the relative existence of information asymmetry of individual enterprises,investors' lending behavior is vulnerable to the external environment,especially the media reports.In the theory of behavioral finance,investor sentiment as an important part of the proposed people are not always rational assumptions,their behavior will be affected by their own emotions,prompting them to predict the future bias,and thus make a series of corresponding investment Behavior,and ultimately affect the operation of the network lending platform and risk tolerance.Based on the theory of investor sentiment management,this paper firstly defines and measures the investor's emotional index on the basis of literature research.Secondly,the comprehensive ranking of China's first authoritative P2P network loan management and financial industry portal "Net loan home" The leading 13 P2P network loan company as the survey object,select the August 2013-July 2016 monthly transaction data for the platform sample,through the principal component method to build investor sentiment indicators;Finally,the use of generalized distance estimation method(GMM)Media reports,investor sentiment,lender borrowing behavior to return the test.The empirical results show that:(I)the investor's sentiment has a two-way relationship with the overall income of the loan market;(2)the media reports have a positive effect on the borrower's investor sentiment;(3)The emotional effect of the lender has a negative effect. |
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