Research On The Impact Of Investor Sentiment On Stock Prices

In recent years,China's stock market has developed very rapidly.As a relatively high-yield investment,the stock is naturally very attractive to investors.However,high returns are always accompanied by high risks,and because of the characteristics of the stock market,investors will want to gather valuable information about the stock market for their investment decisions through various channels,so that they can grasp the investment opportunities in the stock market to earn more income.However,the authenticity of information obtained by investors from the Internet has yet to be verified,and it is a common phenomenon that information with strong emotions and extreme emotions is more likely to be noticed by people,and that such information is also more likely to confuse netizens.When the truth is not clear,investors are likely to be deceived by the illusion and make improper investment decisions,which will affect the development of the stock market and affect the stock price.Therefore,under the circumstances that the development of Internet media is not perfect and the relevant supervision system is not perfect,how to identify and use the information on Internet media more effectively,and how to guide the investment decision of investors and the formulation and implementation of relevant government policies,is going to be of great importance.This paper explores the mechanism of the impact of investor sentiment on stock prices under the Internet platform,using the interactive trading platform of Shenzhen Stock Exchange and the Oriental Wealth Bar Platform as data sources.The text data of the relevant stock forum is obtained from the network platform through the data capture technology.On the basis of data cleaning,the text information is sorted and analyzed,with the help of manual sorting,these text data are classified into positive,negative and neutral emotions according to emotional features,by improving the existing methods,this paper puts forward the corresponding construction ideas of sentiment index,including investor sentiment tracking index and investor sentiment consistency index.On this basis,we take the daily return rate of individual stocks,the turnover rate of individual stocks and the amplitude of stock prices as the basic variables,and take the amount of network posts,the tracking index of investors' network sentiment,and the convergence index of investors' network sentiment as the influencing variables,the daily return rate of gem index and the trading volume of gem index were used as control variables,and the linear model was constructed to analyze the data.The paper comes to the conclusion that: First,during the period of stock market decline,the amount of posting on the Internet is negatively correlated with the stock return rate;Second,posting amount,investor sentiment tracking index and other index of investor sentiment all have positive effects on the stock turnover rate,the investor sentiment tracking index has a more significant effect on turnover rate.Thirdly,the posting volume has a positive effect on the amplitude.