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互联网的发展使得越来越多的投资者通过搜索引擎获得投资信息。百度指数中衡量关键词被搜索的次数,代表了投资者的关注度。本文以上证综合指数、深圳综指及创业板指数为研究对象,通过百度指数关键词搜索量代表关注度投资者关注度,研究普通投资者关注对市场表现指标的相关性研究,并进一步揭示投资者关注度对市场的影响,实证结果表明:市场指数和百度指数所代表的关注度指标在股市剧烈运动前期有单向Granger影响关系;而剧烈波动后,百度指数单方面Granger影响市场指数,并在此基础上,解释了投资者关注本身能够影响股票市场交易活动。
The development of Internet makes more and more investors get the investment information through search engine. Baidu index to measure the number of keywords to be searched, on behalf of the investors attention. This article takes the Shanghai Composite Index, the Shenzhen Composite Index and the Growth Enterprise Market Index as the research objects. Through the keyword search volume of Baidu Index, we focus on the degree of investor attention, and research on the correlation between ordinary investors’ attention and market performance indicators, and further reveal the investment The degree of attention on the market, the empirical results show that: the market index and the degree of interest index represented by the Baidu Index has a one-way Granger influence in the early stage of the stock market strenuous exercise; and after the drastic fluctuation, the Baidu index unilaterally Granger affect the market index On this basis, explained that investor attention itself can affect the stock market trading activities.