Research On The Information Flow Network Structure And Formation Mechanism Of Internet Investment Forums

The Internet has changed the way people interact with information,gradually replacing traditional media such as newspapers and television,and becoming the main channel for people to obtain information.The information exchange of individual investors on investment forums can also be regarded as a huge and complex social network,which in turn affects the formation of each user’s expectations and the process of investment decision-making.According to the 2020 survey by the Investment Service Center,among the channels through which investors obtain information,online new media accounts for 37.7%,while traditional media accounts for only 20%.In the financial field,investment social platforms such as Snowball,Stock Bar,Fund Bar,Jiuquan and other platforms integrating investment and financial exchanges have the dual functions of obtaining financial information and online communication,completely changing the generation and dissemination of information,making investment The information acquisition,information interaction,investment philosophy,cognitive decision-making,behavior pattern,risk control,and even the entire financial system have undergone tremendous changes.Based on the research method of complex network,this paper starts from the network relationship variable indicators such as network nodes,network connections,and network density,establishes the information flow network of individual investors,and analyzes the overall and local characteristics of the network.The results show that from the overall characteristics,with the extensive and in-depth communication between investors and users on investment forums,the communication chain between users has gradually lengthened and become more complex.At the same time,in order to deeply explore the formation mechanism of the investment information flow network,this article introduces external environmental variables such as participant attribute variables,co-investment network and common boundary network,and analyzes how these factors affect the formation of the information flow network based on the ERGM model.The following analysis conclusions are obtained: the formation of the information flow network is closely related to the user groups that form the information flow,and the structure of the information flow network is also related to the user’s behavior and personal characteristics。 Generally speaking,the convergence of opinions is significant;the higher the degree of user concentration of the information flow network,the more significant the investment rate of return will be,that is,the quality and depth of information have a positive correlation with the rate of return of investors.Users in the information flow network will also be affected by the investment decisions of group users of important nodes when they join individual stocks and create firm portfolios.According to the conclusions of the empirical research,this paper further puts forward relevant suggestions for the healthy development of the information flow network of the investment exchange platform.