A Media Change Study Of Media Reports And Stock Price Volatility

The factors that affect the stock price volatility are very complex,from the macroeconomic operation to the daily operation of the enterprise,and even the volatility of the stock price will produce second-hand information and then affect the trend of the stock price.This article is not limited to the above discussion.Social life is being quietly changed by new technology and new media,and this change is not only a direct,quick access to information,this kind of change also makes influence mechanism of things different from the past.Among them,along with the development of the media,the fluctuation of stock price has undergone some subtle changes.We can observe new media has played a strong role in the process of influencing the development with its mobilization,amplification and catalysis.Compared to the past,one thing from the birth to the climax takes a few days or months.Nowadays,it only takes one or two days or even less.This paper is divided into five parts.First of all,the paper reveals the problems that we may want to study from the perspective of the phenomenon of the fermentation and the change of the stock price under different communication paths at home and abroad.Secondly,this paper systematically expounds the theoretical basis of stock price volatility.And from the two angles of effective market and behavioral finance,the paper reveals the principle of stock price fluctuation.From the point of view of the interaction of network communication,herd behavior and stock price volatility,it is indicated that the network transmission affects the stock price fluctuation through two paths,the propagation rate and the propagation radius.Then revealed the spread of the phenomenon,mechanisms from the WEB1.0 to the WEB3.0 era.Describe the transmission mode and information mechanism of WEB 1.0/WEB2.0/WEB3.0 as well as the performance of the stock price in the various media.As a key factor of this study,this paper focuses on the deepening index(SCT).Through crawler technology grab the key words involves "Military" reported in accordance with the rules,and filter out the number of new independent media for the second factors.Based on this,this paper studies the influence CSI military index volatility(amplitude)caused by the number of media reports,emerging independent media coverage,macro external environment(CSI 300 index amplitude),industry environment and institutional characteristics(amplitude of CSI),accordingly,constructs an empirical model.Study on the influence of network public opinion on the capital market price fluctuation is a complement to behavioral finance and the improvement of market efficiency theory.The influence of social media and social network(SCT)on the formation of capital market caused by the spread of information,reveals a new direction of the research on the deepening of network communication and stock price volatility spillover.Overall,the innovation of this paper is mainly reflected in the following aspects,as a leading research in the impact of social media and network change on stock market volatility,reveals the differences impact on stock volatility with change of social network and social media for short-term and long-term situations(SCT),Found in the report on military stocks,increasing the number of independent media does not reduce the media market supply side bias or information distortion,when the public opinion manipulate the views of the public,multiple media does not reduce the risk of information being suppressed or distorted and smoothing the volatility of the capital market.In addition,the impact on the capital market(here refers to the CSI military stock market)price volatility caused by the independent media is more significant in the short term than the long-term.Of course,there are still many limitations and shortcomings in this study,how to define the different types of media and how to quantify the different media in different time series is difficult.Also,as mentioned in the text,not only external information affects stock price volatility,stock price volatility will also produce a second-hand information which will affect the final conclusion.Of course,there is almost no relevant research literature and research results before this.This article is more of a brave attempt.If this study can prove or reveal the change of the social media development will affect the stock price fluctuation or not.This paper is to achieve the purpose of preliminary study.