| For research in the field of sentiment and risk decision-making,in the past,usually from the perspective of the emotional dimension to explore the effect of valence(positive-negative)and arousal(high and low)on risk decision-making,but no consistent research conclusion has been obtained.In addition,most of the current research induces individual emotions in the laboratory and allows them to complete decision-making tasks to explore the impact of emotions on risky decisions.Due to the ecological validity of the laboratory method,its research results are difficult to infer into real life.It is difficult to explore the impact of emotion on risk decision-making at the group level.Therefore,it is necessary to fully and detailedly explore the impact of emotions on risk decision-making on the premise of ensuring certain ecological validity at the group level.This study uses big data psychology methods and uses two studies to explore the impact of public sentiment on stock market risk decision-making.By crawling daily Sina news user reviews,using vocabulary matching technology combined with micro-blog emotional lexicon analysis to get daily social public sentiment;using the SSE index volume as an observation indicator of risk decision propensity,the above research methods have been tested and have good results degree.Study 1 uses vocabulary matching technology to analyze the valence and arousal of public sentiment and explore its impact on stock market risk decision-making.The results show that the main effect of social public emotional valence is not significant,and the interaction with the arousal degree is not significant;while the main effect of the arousal degree is significant,specifically as follows:compared with the low arousal emotion,the high-level arousal emotion The volume of the index is greater.Study 2 uses five basic social public emotions(pleasure,sadness,anger,fear,and disgust)to explore its impact on stock market risk decisions.The results show that the main effects of the three emotions of anger,fear and sadness are significant,while the main effects of the two emotions of happiness and aversion are not significant.In addition,this study also found that the volume of high-intensity sadness and fear is much smaller than the volume of low-intensity volume;and the volume of high-intensity anger is much larger than the volume of low-intensity volume.The main conclusions formed by this study are:1)The emotional valence of the public has no influence on the stock market risk decision-making,and it will not affect the awakening degree;the awakening degree will affect the risk decision-making tendency.2)Among the five basic social public emotions,the three emotions of anger,fear and sadness all have an influence on the risk decision tendency of the stock market,but the two emotions of happiness and disgust have no influence.High-intensity anger can cause stockholders to take risky decisions in risky decisions,while high-intensity grief and fear may lead to conservative decisions. |
