Research On The Influence That News Discourse Makes On Stock Price

With the breakthrough of natural language processing technology and the increasing power and influence of news information,the impact that news soft information has on investors' stock trading behavior and stock price has been brought into the research field,and some breakthroughs have been made.Most of the literatures study the impact that news has on stock price from the aspects of investors' attention and investor sentiment.Although most of the studies have shown that news has a significant impact on stock prices,there are divergences between the impact of the news on the process,the degree of influence and its causes in the existing literature,even if using the same research methods,which greatly weakened the practical guidance of the research results in this field.In fact,each news report is a kind of discourse,which implies the position intention and interests of the speaker.To deepen the research on the impact that news soft information has on stock price,it is necessary to take news discourse mode as an important factor into the research field.This exploration is of great significance to deepen the theoretical research and improve the practical value of the research results.This paper studies the impact that news discourse has on stock price.The challenge is how to describe the discourse.In view of the fact that the main body of news reports,namely the main participants in the news content,have a clear interest appeal and position intention,which will influence the behavior of the audience by the way to construct the news discourse,The research method of classification of news discourse is from two dimensions of media type and participant type.On this basis,this paper uses the techniques of web crawler,Chinese word segmentation,text mining and multiple regression analysis to get the financial news from May 1 to July 31,2016.At the same time,this paper uses the hushen 300 index Stock price as the dependent variable,and draws the following conclusions: Government background Financial media,professional financial media and Internet financial media,there are significant differences in the number of reports,information conciseness,emotional scores and emotional differences among these three types of media coverage,and effects on stock price fluctuation changes through Investors' attention and investor sentiment.There are also significant differences in the number of reports,information conciseness,emotion score and emotional disagreement among the three types of news text content participants-government,enterprise and market,and playing a different degree of impact on the stock price fluctuations through investor attention and investor sentiment.The impact of news on stock price is a cross-disciplinary research field,such as finance,psychology,linguistics and computer science.Research team needs a high requirement and researchers need multidisciplinary research ability.At the same time,discourse analysis is a new research topic in the field of economic management,still in the initial stage of exploration.It is a new attempt to study the impact of news discourse on stock price from the perspective of media type and participant type.