Framing Display To Prospect Expectation: The Influence Of Media Sentiment On Shareholders' Decision-making

With the advent of the information society,the media has an increasingly profound impact on society,people become relying on the “pseudo-environment”created by the media to perceive social information and make decisions.As an important component of modern society,the financial market has the same performance.As a kind of “power”,the media has already become one of the important factors affecting stock price changes and shareholders' decisionmaking.In the study of behavioral finance,the intersection of media and economy is becoming an academic hotspot.This article focuses on the influence of media sentiment on shareholders' decision-making.At the same time,we hope to provide a unique research perspective and a new theoretical analysis framing for this kind of problem.The conclusions obtained have enlightening effects on the practice of the media and shareholders.This article attempts to integrate the framing theory and prospect theory,using Nanning shareholders as an observation case,to study the influence of media sentiment expressed by different news framing on the shareholders' decision-making.The research shows that: First,most shareholders prefer the risk information expressed by the media through the equivalency news framing;second,the risk information expressed by the normal and emphasis news framing has not been obtained by the majority of shareholders preference;third,the decision-making behaviors of shareholders after being affected by positive media sentiment are similar and concentrated on a certain item;fourth,the decisionmaking behaviors of shareholders after being affected by negative media sentiment are relatively scattered;fifth,when shareholders make decisions regarding the gain information,the influence of gender structure is invalid;sixth,the influence of social structure is effective when shareholders make decisions regarding the loss information.At the end of the thesis,the corresponding suggestions are put forward: First,the media should pay attention to and carefully choose the news framing to control the media sentiment when reporting;second,shareholders need to identify and judge the sentiment implicit in the news to make decisions as rationally as possible.