舆情信息对投资者频繁交易的影响研究

大数据环境下,互联网与新媒体的飞速发展加快了网络舆论的流动性,也影响到投资者的交易行为。我国机构和个人投资者普遍偏好短线交易,大量舆情信息的冲击更容易使投资者增加交易频次。本研究借鉴已有研究成果,选取2019年9月至2022年9月与舆情相关的概念股,研究舆情信息传播与投资者频繁交易之间的关系,研究发现：（1）舆情信息的传播增加了投资者的交易频次;（2）舆情信息的传播虽然使投资者频繁交易,但并没有促成过度交易;（3）舆情信息通过吸引投资者的关注从而促使投资者产生频繁买卖的行为。研究结论对投资者正确看待舆情信息、监管当局关注媒体舆论导向和金融市场稳定发展具有重要的现实意义。

Research on the Impact of Public Opinion Information on Investors" Frequent Transactions

In the era of big data, the rapid development of the Internet and social media has accelerated the dissemination of public opinion information, and also affected the trading behavior of investors. Institutional and individual investors in China generally prefer short-term trading, and the impact of a large amount of public opinion information makes investors increase their trading frequency. Based on the existing research results, this paper selects concept stocks related to public opinion from September 2019 to September 2022, and studies the relationship between public opinion information dissemination and frequent trading of investors. The research finds that: (1) The dissemination of public opinion information increases the trading frequency of investors; (2) The dissemination of public opinion information makes investors trade frequently, but does not lead to excessive trading; (3) Public opinion information attracts investors" attention and thus induces them to engage in frequent buying and selling behavior. The research conclusion has important practical significance for investors to correctly understand public opinion information, regulatory authorities to pay attention to media public opinion orientation and the stable development of financial markets.