| Along with the 2007 financial crisis and the influence of economic globalization,China’s a-share market has also been A strong shock,the market index surged collapse often appear,plunging even during the thousands of stocks drop stop,in June 2015,the Shanghai composite index fell,precipice despite China’s securities regulatory departments adopted A series of means,even introduced A temporary circuit breakers,still cannot decline.And the emergence of such A serious incident in 2015,investors play A key role,as the main body of China’s a-share market is A personal investor is given priority to,in the first half of 2015 the entire stock market sharply rising trend,the market good situation,investors in a-share market sentiment in our country,to ignore the risk of the market itself points,enhance the probability of risk in the crash,the risk in the second half of the overflow as A result,the stock market crash.This shows an upsurge in investor sentiment can increase the risk of collapse,the linkage relationship exists,it shows that the study of the internal mechanism of investor sentiment and crash risk for investors rational investment and has great significance to the healthy development of the market.In order to study the effect and mechanism of investor sentiment on the risk of stock price collapse,this paper selects more than 3000 stock trading data,investor sentiment data,financial statements of listed companies and other data of the whole A-share market from 2013 to 2018 for analysis,and uses the econometric model method to analyze and explore the impact of investor sentiment on the overall index and individual stock price collapse Investor sentiment has a linkage effect with the market index,and the effect of investor sentiment on the market index is lagging behind;in the previous period,investor sentiment has a significant positive correlation with the risk of stock price collapse,and when the investor sentiment in the previous period increases,the risk of stock price collapse will increase.In addition to the effect of investor sentiment on the risk of stock price collapse,this paper also considers that the effect of investor sentiment on the risk of stock price collapse is different in the performance,scale and different industries of the enterprise itself.Therefore,this paper studies the impact of investor sentiment on the risk of stock price collapse when the performance and scale of the company and the industry are different.The conclusions are as follows: the risk of stock price collapse and the integrity of thecompany’s performance The higher the return on assets is,the smaller the risk of collapse is.The larger the company is,the smaller the risk of collapse is.The medium-sized enterprises have the largest risk of collapse.The role of investment sentiment in industry and public utilities is the most obvious,while other industries have no significant impact.Finally,on the basis of empirical research,this paper puts forward appropriate suggestions for the main investors and regulators in the market to promote the healthy development of the whole A-share market. |
