| In modern society,peopleare generally inseparable from the mobile phones and the Internet.Based on this phenomenon,this article examines whether the Internet media have an impact on economic.As we all know,the media effect has great influence on politics and public opinion.The content of media coverage also belongs to the information.Information is related to the cost,value,and utility of getting it.Information dissemination accords to the basic theory of communication science.In a capital market with more than 90 million individual investors,does the information generated by the Internet media have an impact on investor behavior?This article is divided into five parts.The first part is introduction.This part introduces the domestic and foreign background,research purpose,research content,research methods,possible innovation and literature review.On the basic rules of media effect and investor behavior,this article takes the capital market of China as an example.On the one hand,this article tries to verify the existence of the media effect and how much the extent of the impact,on the other hand,we want to analyze the channels of influence.The second part is the theoretical analysis of investor behavior.Before 1950s,investment theory involves many fields,but it is not a systematic theory.Classical investment theory did not mature until 1950,and behavioral finance was born in 1980.Unlike the classical investment hypothesis,behavioral finance considers investors irrational.The investor behavior study found that Internet media effect exists.Because that investors do not process the information correctly in most cases,they are very arbitrary about handling the media coverage.Even if investors do get the information in a rational way,the result of behavioral decision-making is often wrong,and the phenomena of financial behavior give birth to new investment strategies.Unfortunately,although investor behavior theory can explain the anomalous phenomena that traditional theory cannot explain,it cannot form a unified theoretical framework.The third part is related to the media theory.First,this part includes the definition of the Internet media,classification,characteristics,and mode of dissemination.We try to make a basic description of the Internet media image through the theoretical elaboration.Internet media inherit the traditional media and develop new features.Second,this part includes a discussion of the media effect.The theories that related to the media effect are agenda setting theory and reputation theory.In fact,the media can indeed realize the function of setting topics and guiding the market’s focus.Media affect the reputation of companies,and all their stakeholders’ perceptions.The fourth part is about the transmission channel of the Internet media effect on the investor behavior.From the current research,the influence of media effect on behavior is complicated.The process of receiving information,learning,reasoning,decision-making,forming the intention of behavior,and ultimately achieving behavior is simple and complex.From the perspective of period,some people take action rapidly,but the mechanism is very complex.The interaction of many factors is complicated,and factors are not a linear relationship.This part tries to analyze the media’s influence on investors’ emotions,cognition,attention and other factors,and these factors will impact the action again.Investor sentiment research originated from the spirit of animals.When facing the unfamiliar information,investors are easily lost in the mood and do nothing or something wrong.After investors contacting with the media,their behavior may not be change,and only media that can attract investors’attention will be able to influence the market.In fact,reliable media information help to raise investors’cognition.Information exchange is human nature and the needs of the market.However,the result of the exchange of information may have just lead to similar thinking and herding effect.The fifth part is an empirical analysis.According to the information provided by wind industry company,this article selects 25 banks with the data spanning two years provided by WeChat platform of Internet media and Sogou engine by using Python spark technology.The experimental results show that the media coverage has a positive effect on the return rate of the stock,and the investors’ attention has a positive impact on the stock return,and the degree of influence of active attention is greater than passive attention.Also the interaction of them has a complementary effect.Unfortunately,due to the limited data and the financial industry specificity,the statistical significance of the experimental results is greater than the economic significance,and we will make further improvement later.The sixth part is about the conclusion and suggestions on media,capital market investors,government departments and companies.The capital market in China is dominated by individual investors and small and medium-sized investors.Investors should correctly understand themselves and the market,and continuously study and strive for the government’s protection.As a bridge connecting the capital market,the public and the regulatory authorities,the media should not only improve its professional capacity but also strengthen its self-discipline and have the courage to respond positively and vocally.Government departments should pay attention to public opinion,strengthen supervision,ensure Internet security and manage information content.Company managers should not only maintain investor relations,but also manage media relationships.In the end,all parties involved should work hard to ensure the stability,health and long-term development of China’s capital market. |
