Media Information, Investor Attention, Stock Price Changes and Liquidity: An Empirical Analysis Based on the Technology Enterprise Search Index

Abstract

With the development of Internet media, the information asymmetry between listed companies and individual investors has been greatly improved. However, the impact of information on the stock market is relatively complex, and that is different on disparate industries. This paper takes the stock data of science and technology enterprise BOE as a sample. Firstly, use text mining to measure media information and investor attention, and then construct multivariate regression model by adjusting the non-linear and heteroscedasticity to analyze correlation between media information, investor attention and stock price changes as well as stock liquidity. Also, breakpoint regression model is made. Finally, the influence mode is obtained, and combined with the actual situation, the relevant suggestions are put forward.