The Text Information Of Monetary Policy Implementation Report Of PBOC And Stock Market

Central bank communication refers to information such as the central bank’s policy goals and implementation methods to the public to change the expectations of social and economic subject policies in the future.Since the 1990s,the central bank’s communication has attracted the attention of academic circles.The history and form of the "Monetary Policy Implementation Report"(hereinafter referred to as "The reports of PBOC")are representative and are widely concerned in the financial market.Since the first quarter of 2001,the Central Bank of China has announced the policy operation report on the official website.Looking back at the overall situation and monetary policy operation of the economic operation in the previous quarter,predict the changes in the economic situation at home and abroad and explain the recent monetary policy ideas.It becomes the main form and carrier of communication.Analysts are indispensable and important information providers in the stock market.They are not only bridges between investors and listed companies,but also accelerate the process of information integration into the stock price.The analysts connect,analyse and promote macroeconomic information to write Analyst Report,only to achieve the aim of enhancing the sensitivity of the stock market for the macroeconomic situation.The analysts play an irreplaceable role in the realization of the central bank’s policy intention and the effectiveness of the central bank.In depth research of Analysts Reports find that the role of the central bank’s policy intention in promoting the intention of the central bank’s policy in the stock market is of great significance.In this article,the central bank’s monetary policy enforcement report was implemented from the year of 2008 to in the third quarter of the year of 2022,The analyst research reports are collected from Choice Financial terminals,and 320 stocks as research samples and stock indexes are achieved from database of Tai’an,using literature analysis,network crawler and text analysis Integrity,measure the text emotion,text similarity,and text available in the implementation of The reports of PBOC,define the text emotional tendency reported by the analyst,and fully display the relevant written report text characteristics.Based on analysts-report’ perspective,we use regression analysis and the EGARCH model to explore analysts’ information incremental effects of the central bank’s text emotions transfering to the stock market.Through empirical research,it is found that:(1),The text sentiment of The reports of PBOC is significantly positively correlated with the analyst’s text sentiment,indicating that securities analysts refer to the central bank’s monetary policy intentions when preparing enterprise research reports;(2),Stock prices and changes are significantly correlated with the sentiment of analyst reports and central bank reports,and are still significant when loosening macroeconomic control variables,indicating that analyst reports provide macro information increments when conveying central bank intentions;(3),The impact of the sentiment of the central bank’s execution report text and the analyst’s text on the stock market is different during different monetary policy periods,with a higher level of significance during tight monetary policy periods.This indicates that when the economy overheats,the analyst’s investment research report has a stronger guiding effect on investors and is easier to achieve policy objectives;(4),The sentiment of analyst report text not only affects stock prices,but also effectively reduces stock price fluctuations;(5),The part of the state of macroeconomic finance reflecting the central bank’s policy propositions and expected macroeconomic finance has significantly impact the report on analysts.From the perspective of text big data analysis,this article confirms that analysts have a beneficial supplement to the relevant research of the central bank’s information transferring to stock market,which has formed a beneficial supplement to the relevant research of the domestic central bank.