| News media is playing an important role in all aspects of human social life.The main function of news report is to eliminate the uncertainty of the public and to reflect and guide the public opinion.Today,with the rapid development of science and technology,the media of news has also experienced a trans era change.From the original newspaper to radio,television,and now to the network era,the popularity of intelligent terminals provides a more convenient channel for the dissemination of news reports.The function of news will be further strengthened with the development of media,so it will further expand the influence of news.Therefore,it is of great significance to study the influence of news mood on the current society.According to the content of the report,the news can be divided into political news,legal news,military news,economic news and so on.This paper mainly studies the impact of financial news in the economic field on China's stock market.The publicity and promotion function of public media such as financial news is becoming more and more important in today's society.In this paper,text mining technology and text analysis method are used,and the rest is used ROST CM(Digital Humanities auxiliary research platform)sentiment analysis software analyzes all the news in the financial column under the news section of the official website of Shanghai Securities Journal(China Securities Network)from January 3,2017 to December 28,2018,and uses the negative whole sentence frequency to quantify the news sentiment and extract the news sentiment,so as to build the daily news Emotional indicators.At the same time,this paper selects 487 trading days from January 3,2017 to December 28,2018 Shanghai composite index yield,Shanghai and Shenzhen 300 index yield and the stock yield day data of 36 companies with the highest weight in Shanghai and Shenzhen 300 Index constituentstocks,and analyzes the impact of financial news sentiment on stock yield by constructing multiple linear regression model and panel data model.It is found that pessimistic and negative financial news sentiment not only has a significant negative impact on the yield of Shanghai Composite Index and Shanghai Shenzhen 300 index,but also has a significant negative impact on the yield of constituent stocks in Shanghai Shenzhen 300 index.This shows that the financial news will have a significant impact on the overall stock market represented by the stock index return rate.The lower the news sentiment is,the lower the overall return rate of the stock market is,and the financial news sentiment index can be used to predict the trend of the stock index.The financial news sentiment will also have a significant impact on the individual stock return rate represented by the component stocks,and the lower the news sentiment is The lower the stock yield,the more accurate the asset pricing can be by adding news sentiment index to the asset pricing model.This paper broadens the channels for the study of the impact of public media on stock returns,and studies the specific impact of news media on the stock market.This paper can also provide decision-making basis for investors in weighing the sentiment of news reports,so that investors have a reasonable prediction of the macro trend of the stock market.At the same time,the study of the relationship between news sentiment and stock price can also provide the basis for the government regulatory authorities to formulate policies,establish and improve relevant laws and regulations,so as to better promote sound investment,reduce non-performing assets,and promote the sound development of China's stock market. |
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