| The new financial services,such as Fintech high-speed development and intelligent look-up,are widely used in the stock market investment,and meet the individual demand of low-cost and high-quality of a large number of individual investors.The reform of the stock market reform,such as the Shanghai Stock Exchange,is also reflected in the macro-objective of the relevant functional departments to promote the integration of finance and technology.However,the path of the development of Fintech to the behavior of investors and the performance of the stock market is still to be explored.On the one hand,financial science and technology embody the integration and innovation of the "Fintech",aiming at solving the business pain point of the traditional finance through the advanced technology,improving the efficiency of the traditional financial business and reducing the transaction cost,so that the investment of the investors is more convenient.On the other hand,the application of the financial science and technology makes the information environment facing the investors more complex,and even the investors in different backgrounds face higher information asymmetry,thus increasing the possibility of the belief divergence among the investors,And the uncertainty of the influence of the stock market income and the like is increased.In view of this,the purpose of this paper is to study the interaction of investor behavior and stock index yield based on the background of financial science and technology development.The existing literature mainly uses the stock market variables such as the newlyadded deposit and trading volume as the index of the investor behavior,and finds that the behavior of the investors can positively influence the return of the stock market,that is,the number of new accounts,the volume of the trading volume and the yield of the stock market are in a significant positive relationship.However,such research generally ignores the influence of the development of financial science and technology on the relationship between the investor behavior and the return of the stock market.The Fintech represented by the Internet technology has greatly promoted the convenience of the common investors to participate in the trading activities of the stock market,especially the Chinese stock market with the retail price as the main force,and the development of the Fintech certainly will greatly promote the index of the newly-added deposit and trading volume,etc.,So as to influence the essence of the interaction between the behavior of the investor and the yield of the stock market.Therefore,how to control the influence of the Fintech development variable is very important to the study of the investor behavior and the return rate of the stock market.The related research on the development of Fintech is still in the preliminary stage,the quantitative measure of its development level and the quantitative research on the influence of the financial market of our country still have insufficient,the existing academic circle and the industry commonly describe the index of the degree of Fintech development,there are some defects.In this paper,it is found that:1)The internet financial development index,the Internet financial index,the financial science and technology enterprise development index,etc.are short,the construction frequency is too slow(annual)and so on,the index of China Fintech development and various types of net-loan index(including the development index of the net loan,the index of the online loan interest rate,the index of the online loan and the term index of the net loan,the credit index of the net loan,(3)the index of the block index of the financial science and technology(including the Internet financial index,the science and technology 100 index and the financial index,There is a major problem in the Fintech index of the Xiangmi Lake,which is based on the stock price of the plate stock,and cannot distinguish the Fintech development from the stock market performance.In addition,this paper,taking the net loan development index as an example,has found that the index has no significant effect on the relationship between the investor behavior and the yield of the stock market.Based on this,it is of great significance to construct a financial science and technology development index that can have enough time and sample span to reflect the development of all dimensions of the Fintech,and it does not have a high correlation with the present stock market performance.In the first step,in the period from January 2012 to December 2018,the paper uses the "text mining" technology from the past media reports from the construction channel,the payment clearing,the allocation of resources,the wealth management and the three stages of the financial science and technology development: In the information phase of the traditional financial industry(the financial science and technology version 1.0),the Internet finance stage(Financial Science and Technology Version 2.0)and the financial transformation stage(Financial Science and Technology Version 3.0)under the high-tech drive,a total of 120 words are constructed.In the second step,based on the thesaurus,this paper analyses the monthly Fintech development index from January 2012 to December 2018 with the main component analysis of the Baidu search index,the knowledge network literature measurement data and the Fintech index published by the SZSE.In this paper,the crosscorrelation between China online loan development index and the construction of the Fintech development index is carried out with the same sample interval: from the development situation and the feedback degree of the financial science and technology policy,the Fintech development index constructed in this paper has more reasonable performance.Finally,this paper makes use of the Fintech development index,and further studies the relationship between the investor behavior and the stock market income based on the development of Fintech.In the same way,we select the new deposit number and volume as the agent index of the investor behavior in the Wind database from January 2012 to December 2018.The paper makes a regression analysis of the Fintech development index as the control variable and the Shanghai Composite Index.And compare it with the situation when the Fintech development is not considered.The empirical results show that:1)In the absence of control of the development of Fintech,there is a significant positive relationship between the number of new accounts,the volume and the yield of the Shanghai Composite Index,that is,the more active the investor investment behavior,the higher the yield of the Shanghai Composite Index.this is consistent with the research results of other scholars.2)After the Fintech development index is added as a control variable,the adjusted R2 is significantly increased,the number of newly added accounts and the coefficient before trading volume are all reduced,and the coefficient of the prior coefficient of the Fintech development index is significant,It is indicated that Fintech have a great effect on the new opening and trading volume of the securities market,which in turn affects the return of the stock market.3)The addition of the deposit number,the volume and the Shanghai Composite means the Granger causality test.The results show that the newly-added deposit number and the volume are in a two-way Granger causality with the Shanghai Composite.This is consistent with the research results of other scholars.4)Further consider the newly-added deposit number,the volume and the Shanghai Composite Index,which have the effect of removing the Fintech development,to carry out the Granger causality test,and find that the newly-added deposit number,the volume and the Shanghai Composite Index can refuse the original hypothesis,that is,there is no Granger causality.It is further proved that the development of Fintech is a significant cause for investors behavior and stock price. |
