Impact Of Internet Financial Media Information On Asset Prices: Perspective Of Salience Effects

In recent years,with the rapid development of the Internet and new media,new investment methods based on social media have also emerged,and new platforms such as social media have an increasing impact on investor behavior.Media information has an important impact on financial market transactions and asset prices.In the social interaction of Internet financial media information,when investors obtain massive real-time information,they cannot fully collect,absorb and process due to limited energy and cognition.Therefore,investors pay limited attention to information.Limited attention further leads to distortions and biases in investor beliefs and value preferences,which will eventually lead to price imbalances and efficiency failures in the market.The cognitive mechanism behind investors’ limited attention to media information,and the correlation between investors’ limited attention behavior driven by the salience of media information and stock price bias are all worth exploring.In response to the above problems,from the perspective of salient effects,this article is based on the design of the observation index system of different salient dimensions of financial media information,such as the presentation,social interaction,and emotional implication.In the decision-making stage,refer to classic psychophysics and economics BGS theoretical ideas to construct a comprehensive measurement model of the salientity of media information;combine the methods of library and information disciplines to explore the basic data acquisition problem of salientity measurement,explore the emotional classification of financial media information,the method and approach of "media information-individual stock assets" correlation matching and "salience→individual stock assets" allocation;empirical analysis of investor overreaction driven by media information salience,comparison of interpretation effectiveness based on original data and model based on the transformation of saliency function,the verification highlights Measure and characterize the effectiveness of the saliency effect,and describe the relationship between the limited attention behavior of investors driven by the saliency of media information and asset price bias,in order to provide valuable decision-making basis for the shaping of the rational environment of the financial market,market reform and supervision.The results show that: first,there is a significant positive correlation between the salience of presentation and social interaction and the absolute abnormal return rate AAR,that is,the greater the salience of media information,the greater the return rate of the associated stock deviates from the benchmark portfolio return rate.Media information with high presentation and social salience will often attract more attention of investors,prompting investors to lose their ability of independent judgment and rational decision making,resulting in overreaction and impulsive and irrational trading behavior,thus leading to the increase of absolute abnormal return rate in the stock market.Secondly,there is a significant negative correlation between sentiment orientation and sentiment discrepancy and CAR.Overreaction of investors will be affected by investor sentiment.With the enhancement of investor sentiment,investors will be enthusiastic about buying and share prices will rise.Buying stocks at the high price will lead to the reduction of abnormal return rate of individual stocks.When the sentiment discrepancy is enhanced,that is,investors in the financial market have different views,optimistic investors will push up the price.Under the constraint of short selling,pessimistic investors cannot eliminate the mispricing caused by optimism,thus leading to the overvaluation of asset prices.So when emotions diverge widely,asset prices are overvalued and future outlier returns are lower.Finally,the salience representation index based on salience measure has greatly improved the explanatory power of the model.The effect of psychophysics-based financial media information presentation and social interaction saliency measure on the change of absolute abnormal returns is greater than that of the original data presentation and social interaction independent variables.The model interpretation effectiveness of BGS based on the measurement function transformation of financial media information sentiment salience is greater than that of sentiment salience based on the direct measurement of sentiment scoring..This research combines the theoretical ideas of psychology and economics,and introduces the new processing methods of media information in the library and information disciplines into the in-depth analysis of financial market media information,and focuses on the financial market driven by the limited attention of investors from the perspective of prominent effects Asset pricing issues are explored theoretically and empirically,and the relationship between investors’ limited attention behavior driven by the prominence of media information and asset price bias is studied,in order to provide valuable theoretical support and decision-making basis for the shaping of the rational environment of the financial market,market reform and supervision.