Research On The Impact Of Internet Media Concern On Stock Market

In the 21 st century,which has made great achievements in economic construction,China's financial market has also grown stronger.On the one hand,it can better serve the real economy,and on the other hand,more and more individual and institutional investors have poured in stock market.As an information intermediary between investors and the stock market,the media is playing an increasingly important role in the capital market.With the development of network technology and the enrichment of news websites,online media has begun to replace traditional media as the main medium for investors to obtain information.More and more financial scholars are also beginning to explore how online media attention can affect the stock market.On the other hand,the rapid development of artificial intelligence in the big data trend has created favorable conditions for online media report analysis.In particular,the deep maturity and widespread application of deep learning in the field of machine learning has provided effective research methods for sentiment analysis of massive data texts.On this basis,a sample is selected to establish a statistical model to analyze the relevant data of the Internet media and the stock market,which can not only obtain scientific and reasonable results on the research content,but also provide a certain basis for relevant stakeholders in the stock market to make decisions.This article first sorts out the influence mechanism of online media on stock market trading volume and return rate.It is believed that online media affects investors 'cognitive process,emotional process and will process through news reports,and then affects investors' investment decisions and stock pricing.Combined with the existing related research,the research hypothesis of this paper is put forward.In order to test the hypothesis of this article,this article selects the constituent stocks of the A-share CSI 300 index as a sample,and finally selects the relevant stock market data of 60 listed companies on the 2018 trading day,and uses Python to crawl 60 from Baidu News website.Corresponding to more than 100,000 news reports of listed companies,as analysis data of online media attention.Based on the three attributes of online media attention,emotions,and the interaction between quantity and emotion,this study constructs daily “mediaattention”,“media emotion” and “media attention and emotion interaction” indicators,and combines stocks The relevant variables of the market were subjected to descriptive statistics and a series of tests.Finally,a panel regression model is selected to analyze the linkage relationship between the attention of the Internet media and the stock trading volume and stock return.In addition,this article also studies the lag effect of the current media attention indicators on the stock market lagging five periods.Through research,this paper finds that:(1)the accuracy of sentiment analysis of text is high in deep learning,and the accuracy of the model of the training data can reach90.91%;(2)the overall situation of news reports on the Internet is more optimistic,and positive media reports are greater than negative reports,And there is a correlation between media attention and volume and yield.(3)The relevant hypothesis is verified.From the current regression results,it can be found that the stock trading volume is greatly affected by media attention and media sentiment,and the stock return is greatly affected by media sentiment.(4)From the lagging regression analysis of stock trading volume,it can be seen that the short-term impact of media attention on trading volume will gradually decrease.The media sentiment has a reversal effect on the trading volume when it lags 4 periods.The regression coefficient Becomes negative.From the lagging regression results of returns,we can find that media reports have a positive impact on returns in a short period of time,and media sentiment has a greater impact on short-term market returns than media attention.Finally,based on the research results of this article,put forward the existing deficiencies,provide ideas for further research,and provide relevant suggestions to companies and the media.I also hope that relevant departments can improve the role of supervision of the news media industry and jointly promote the stock and capital markets Stable development.