The Impact Of Media Attention And Investor Attention On P2P Platform Volume

In the era of information explosion,the contradiction between the limited attention of individual and endless information is becoming increasingly prominent,investors need to distinguish valuable information in the ocean of information.At the same time,the media as the disseminator of information,especially with the rapid development of the Internet and big data,the Internet has gradually become an important source of investment information for investors,the impact and scope of media information is also more significant.China's P2 P lending market has serious Information asymmetry,to some extent,the widespread dissemination of media information can alleviate this situation and attract investors' attention.Therefore,media attention and investor attention are the important factors that influence the turnover of P2 P platform.With the development of Internet and big data,search index and media index provided by Baidu search engine provide proxy index for the measure of attention.The current research has not analyzed the relationship between media attention and P2 P platform transaction volume,and has not considered the impact of interaction on P2 P platform transaction volume.A correct understanding of the impact of media attention and investor attention on the volume of transactions on P2 P platforms is of great significance to investors,P2 P platforms themselves,and regulators.First of all,this paper describes the existing research in related fields,the research on the influencing factors of P2 P platform turnover,the research on media attention and asset turnover,the research on investors' attention,based on agenda-setting theory,information risk compensation theory and limited attention theory,this paper discusses the impact mechanism of media attention and investors' attention on trading volume.In the empirical part,using media index and search index as the proxy variables of media attention and investors' attention,this paper selects 50 P2 P platforms from June 1,2016 to May 31,2018 as the research samples,and puts forward four hypotheses.This paper examines the impact of investorattention and media attention on the trading volume of P2 P platforms,and the impact of media attention as an intermediary variable on the trading volume of P2 P platform,as well as the difference and relationship between them.The main findings of this paper are as follows:(1)The empirical results show that there is a positive relationship between investors' attention and the trading volume of P2 P platform,and this positive effect will last in the short term,which indicates that investors' attention will generate investment behavior and increase the trading volume of P2 P platform;Media attention is also positively impacting current P2 P platform trading volume,but within a short time it will reverse.(2)Through the intermediary model and the intermediary test,it is proved that the media attention has an effect on the trading volume of P2 P platform through the investor attention,and the investor attention has an intermediary effect.(3)The results of regression analysis show that the influence of media attention and investors' attention on the trading volume of P2 P platform is obviously greater than that of media attention.By adding the mutual factor of the two,it is further proved that there is a mutual promotion relationship between them.