The Impact Of Investor Sentiment On Stock Prices

At present,there are still many problems in my country’s stock market,such as investors irrational and legal systems.Therefore,it is difficult for traditional financial theory to explain the price fluctuations in my country’s stock market.The emergence of behavioral finance provides new ideas for investors and scholars studying the domestic securities market.This article will stand at the perspective of behavioral finance to complete the study of the relationship between investors’ emotions and stock prices.There are two main points of the research on this article.The first is the construction of the comprehensive emotional indicators of investors.Due to the characteristics of the emotional agency index of emotional agency and heavy static static,the emotional indexes of the past investors cannot fully reflect the emotional changes of investors.In order to construct a more representative emotional indicator,this article adds the emotional indicators and attention indicators extracted from the stock bar in the previous comprehensive emotional indicators.Construct a comprehensive emotional indicator,and select emotional indicators with comparative advantages through methods such as rolling phase relationships.Based on this,this article draws the following conclusions.The relationship between the comprehensive emotional indicators of functional dynamic empowerment and the Shanghai Stock Exchange Index is more stable compared to the comprehensive emotional indicator of the main component analysis.Advantage.On the other hand,this article will analyze the relationship between the emotion and stock price from the perspective of the Shanghai Stock Exchange Index and the SSE index yield.The first is the Shanghai Stock Exchange Index and investor emotions.In the text,models such as Granger causality testing and co-inspection have verified the relationship between the two.Inquiry.Based on this,this article has the following conclusions:(1)Investors ’emotions will affect the trend of the return rate of the Shanghai Stock Exchange Index,but the impact of the SSE index yield on investors’ emotions is not significant;It has an asymmetric effect,and the current investor emotions have a promotion effect on the stock price,and the emotions of investors in the late period have inhibitory effects on the stock price;(3)When investor emotions are positive,the impact on the yield of the Shanghai Stock Exchange Index is greater than the emotional of the investor’s emotions.The impact on the yield of the Shanghai Stock Exchange Index in negative.