Analysis On The Impact Of New Media Opinion Leaders On Stock Price Fluctuations

With the rapid development of new media platforms,the influence of opinion leaders on information dissemination in capital market is becoming more and more important.In view of the current scholars’ lack of research on opinion leaders of WeChat platform,this paper takes a-share listed companies in Shanghai and Shenzhen stock markets from 2013 to 2020 as samples for research,uses principal component analysis method to identify opinion leaders of wechat platform public accounts,and obtains article content of wechat platform public accounts that meet opinion leader standards through crawler program.Using machine learning method of natural language processing technology to get the text contents and sentiment analysis,from the media and finance interdisciplinary and behavioral finance perspective,analysis of opinion leaders inspected the new media platform release information content and mood of market volatility respectively and the influence of individual stocks volatility of listed companies.The findings are as follows:First,the attention of opinion leaders has a certain information disclosure effect on the market,which can reduce information asymmetry and ease the volatility of the overall stock price of the market;The sentiment of opinion leaders can exacerbate the volatility of market share prices.Opinion leaders release market information containing emotions that can exacerbate the volatility of market share prices.Second,compared with information related to listed companies,market information dominated by other information has a more significant impact on market stock price fluctuations.Third,Opinion leaders’ attention to the company will ease the stock price fluctuation of listed companies,while opinion leaders’ emotion will aggravate the stock price fluctuation of listed companies.Finally,the overall mood of market information will ease the volatility of listed companies’ share prices.Conclusion shows that the opinion leaders in play at the same time,the role of market information disclosure regulation and government department of new media information to establish the necessity of information release specification,investors especially medium and small investors in the process of information obtained through new media platforms to recognize the authenticity of information,pay attention to the information to identify the logic behind the emotions,rational analysis,assessing risk and invest cautiously.