The Effect Of Investor Attention On The Market Return Rate Of Carbon Neutral Concept Stocks

With the rapid development of the Internet,the acquisition of stock information is more convenient,the popularity of search engines greatly facilitates this demand.However,how to make a limited choice in the huge amount of information becomes a difficult problem,the concept of investor attention has become a hot topic.The information of search engines widely used by investors has become an important basis for measuring investors’ attention.In recent years,under the guidance of some world-class summits and China’s "carbon neutrality" goals,the concept of "carbon neutrality" has gradually become a hot word of The Times.The carbon neutral industry and the related carbon neutral stock market have gained widespread attention.For such a new type of plate,many scholars began a multi-direction research,carbon neutral concept stock market has received great attention and development.In this paper,20 carbon neutral concept stocks were selected,with the daily data from 2018 to 20214 as the research sample,the market yield of carbon neutral concept stocks as the explained variable,and the daily search data of Baidu search engine with the stock name and code as the keywords,to explore the impact of investor attention on the market yield of carbon neutral concept stocks.After empirical analysis,it is concluded that investor attention has a significant positive impact on the market return of carbon neutral concept stocks in the short term,but after a period of lag of explanatory variables,this result has a reversal effect,and with the passage of time,this reversal effect has a trend of first strengthening and then weakening.The explanation of this paper is that China’s stock market started relatively late compared with foreign countries,and China’s investor structure is dominated by inexperienced retail investors.This can lead to "herd behavior" in the stock market,resulting in overvalued stock prices in the short term.But companies without sufficient fundamental support can fall back after becoming overvalued.Based on the research conclusion,this paper puts forward some suggestions according to its practical significance:the government should strive to improve the risk monitoring and management mechanism,and give positive guidance to the market investment behavior;Investors should treat the market environment and the trend of public opinion correctly and cultivate healthy investment concept;Improve the market information disclosure mechanism,strengthen the transparency of market information.