The Impact Of State Media And We Media On China's Stock Market

At present,with the development of the Internet,traditional news media have been greatly impacted.Emerging information transmission media such as forums,Weibo,We Chat,Tieba,and Douyin have become more and more popular.At the same time,the information on the Internet is no longer controlled by traditional news organizations.Netizens in the Internet continue to express their opinions and gradually form a new media called We Media which is different from the official media.The influence of personal voice in the Internet has gradually increased,affecting Powerful we media can influence the behavior of other netizens.For the Chinese stock market,the influence of news released by traditional news organizations is gradually decreasing.Many shareholders will choose to refer to other's opinions about the stock market and make trade.This paper studies the text generated by official media and online self-media,uses Baidu's text analysis model to predict the sentiment of text data.Building the official sentiment index and self-media sentiment index based on the trained sentiment data to make research on the impact of both on China's stock market.In the empirical analysis of the long-term effects of the official sentiment index,the self-media sentiment index and the CSI 300 index,this study constructed a VAR model to study the relationship between the three time series with the week as the cycle.The study found that:(1)The change in the official sentiment index lags behind the changes in the media sentiment index and the CSI 300 index.CSI 300 index and the we media sentiment index are Granger reasons for the official sentiment index.(2)Changes in the CSI 300 Index will affect the official sentiment index and online we media sentiment index in the current period.The impact of changes in the official sentiment index on the CSI 300 index will be reflected in the lagging period.The impact of changes in the Internet since the media on the CSI300 Index and the official media sentiment index has only been lagging behind.In the empirical analysis of the short-term effects of the official sentiment index,self-media sentiment index and the CSI 300 trend,a stock market trend judgment process based on the EMD method is used to judge the stock market trend.The study found that the most obvious characteristics affecting the trends of CSI 300 index were the official sentiment index,the official sentiment index daily increase,the online self-media sentiment index,and the online self-media sentiment index daily increase.Therefore,from a short-term perspective,there is a significant impact between the official sentiment index,the we media sentiment index and the trend of CSI 300 index.Finally,based on the prediction results of XGBoost,this paper proposes an investment trading strategy to increase the practicability of the research.