Research On Investor Behavior Under The Influence Of Media Information

After twenty years of rapid development, the stock market has become an important part of our economy, but China's stock market is still immature, both regulators and market investors have some problems. For example, within a few months in 2014 to 2015, the stock market experienced a conversion of bull and bear markets, setting a number of records including volume, single-day rise, single-day decline and single-day amplitude. A large number of investors had conduct irrational behavior and emotional transaction, these actions caused sharp fluctuations in financial markets, and it is not conducive to the stable and rapid economic development of China.Investors Behavioral is a hot issue of behavioral finance, the current study focused on herding, irrational trading behavior, financial volatility vision, individual investors and institutional investors difference, investor behavior and index movements and so on, more a lack of research on the determinants of investor behavior. Some scholars proposed the proposition that media information may affect investor behavior, some scholars study the role of the media in the IPO pricing, the information disclosure of listed companies. The study focused on some listed companies, lack of the research that media information impact on the overall market investor behavior.Firstly, this article conduct literature review of the relevant theoretical, starting from the financial market theory, comparative behavioral finance theory, and introduced information transmission theory, the theory of market volatility, analysis features and pathways of media information, the type of investor behavior, then put forward the hypothesis that investors group is a whole, investors do not fully rational and susceptible to outside information. Finally this article analyzed the indicators of investor behavior and media information.Using quantitative analysis method analyzed price-earnings ratio, volume, margin balances, new accounts indicators established investor behavior index; using the Search index of social, policy, finance, politics, real estate, entertainment information, to establish media influence index, studied the impact of the media to investor behavior.Through empirical analysis and testing, the main conclusions of this article are: first, the weekly search index of social, policy, finance, politics, real estate, entertainment, on behalf of the frequency that public affected by certain information, and then search for relevant information, the media information index based on these indicators, to a certain extent, represent the actual influence of the media information. Second, media information and investors' behavior positively correlated, the results show the media information can explain the change in investor behavior, 35%-50%. Third, social, policy, finance, politics, real estate, entertainment information had a greater impact on investor behavior, politics, entertainment, policy impact forward, real estate and investors' behavior negatively correlated. According to the conclusions of this paper that the regulatory authorities shall: 1.enhance investor education;2.specification media information release;3.increased regulatory cooperation; 4. strengthening research the relationship between media information and the stock market.