With the continuous improvement of my country's market economy，The capital market represented by the stock market continues to develop。The majority of investors are constantly improving the enthusiasm of participation，Any release of any good or empty information often causes investors' emotional ups and downs，Then lead to fluctuations in the stock market。At the same time，"Investor Emotion" (or "Market Emotions") The word of the word "in the market emotion") is increasing in socio -economic life。So，What is the relationship between the emotion of the investor and the stock market information，How can this non -rational psychological factors affect stock market fluctuations? Actually，Investor emotions seemingly irrational in the stock market have a rational operating logic。

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Traditional economics theory assumes that investors are rational people，Investment trading and decision -making。But，Investors are not completely rational，but limited rationality。Because of the influence of emotional factors during the decision -making process of human beings，Therefore, investors are inevitably disturbed by emotional factors in their transactions。For example，When the stock market continues to rise due to favorable information，Investors' emotions will cause behavior，It continues to attract new investors to enter the market to chase the rise，Lead the irrational skyrocketing of the stock market。Converse，When the stock market continues to fall due to the negative information，The fear of investors bet365 Play online games will make them sell stocks，Treatment of irrational stock market plunge。

Visible，The objective reality of the stock market information in the stock market，More subjective existence of investor emotions。Obviously，There is some inherent correlation between the emotions of the investor and the stock market information，and affect the stock market fluctuations。But，The previous research only focused on the favorable information in the market or the impact of sharp information on the stock market fluctuations，ignore the role of investor emotion，It does not involve the interaction between investor emotions and stock market information and its impact on market fluctuations。

　　Investor Emotion: Resonance of the stock market fluctuations

The so -called "Division of the Anti -Tao"，fluctuations are the essential characteristics of the stock market operation。The Nobel Prize winner Robert Hiller has explained this，He described the "feedback ring" amplification mechanism in the book "irrational prosperity"，It is believed that the rise in the previous stock price will increase the market's confidence and expectations，attract more investors to enter the market，Then it triggers a further rise in the stock market，So weekly and restore、Cycloping back，But the specific mechanism of the "feedback ring" amplification mechanism is unknown。But，This idea indicates the research direction of the influence mechanism of investors' emotions on the stock market fluctuations。

Inspired by this idea，The author proposes the theoretical hypothesis of "Investor Emotional Effect"，I believe that the operation of the stock market has its own fluctuation trend，But investors are like economic faces、Policies、The emotional response generated by the information cognition of the capital market and other stock bet365 best casino games markets is to exacerbate the stock market fluctuations、An important influencing factor that causes huge shocks。When the emotional response of investors is consistent with market volatility，It will exacerbate the amplitude of the stock market fluctuations，Treating the stock market resonance phenomenon。This information will be fed back to investors，Treating its greater emotional response，Then it constitutes a mutual enhancement、"Investor Emoticon Reinforcement"，In the end, the stock market has an irrational fluctuation of irrationality。

So，The irrational fluctuation of the stock market originated from the emotional overflow effect of investor。Map each other between the stock market information and the bet365 live casino games emotions of investors、Help each other，It constitutes a resonant closed loop with mutual causality。Once the market trend information is synchronized with investor emotions，It will produce each other、Repeated resonance phenomenon，So that causes violent irrational fluctuations in the stock market。

　　Emotions and reversal emotions: the inherent mechanism of emotional overflow effect

In previous studies，Usually divide the stock market information into two types of favorable information and the empty information。The so -called good information refers。But，This information classification is too simple and distorted，It can neither reflect the real form of the stock market fluctuations，It can not reflect the effect of the stock market information。Even in the bull market rising period，Market trend is also fluctuating、There are rising and falling、Gradually upgrade，instead of simply continued to rise; vice versa。So，Behind the classification of the above stock market information，Obviously implied the cognitive judgment of dividing the bet365 live casino games emotions of investors into positive and negative emotions，and deduced it accordingly, "The favorable information is positive emotions，Blind information is the logical assumption of negative emotions "，From the perspective of research, analysis of the influence of investors' emotions，The result was caught in a research misunderstanding。

In order to break through the thinking limitations of previous research，The author is based on the theoretical hypothesis of investor emotional overflow，Divide the bet365 live casino games emotions of investors into two categories，In order to maintain the trend of the stock market, the momentum emotional emotion and the reversal emotion that changes the existing trend of the stock market。Specifically，momentum emotional emotion refers to an emotional response that investors are based on the market trend based on market trends that can be obtained。The volume emotion is the same as the market trend，Therefore, it exacerbates the amplitude of the stock market。Reverse emotions refer to the reverse emotional response that investors generated by the market trend based on the information that can be obtained。Reverse emotions depart from the original trend of the market，Therefore, when the reversal mood is strong enough，Will end the original market trend，Then form a top (bottom) point，and make the market trend reverse。

In order，The author divides the stock market information into two categories: trend information with objective attributes and public opinion information with subjective attributes，Then propose the "Differential Reaction Model of the Stock Market"。When the stock market information is homogeneous (that is, when the trend information is consistent with public opinion information)，Not cognitive differences from investors，As a result, Bet365 app download the transaction willingness of investors tends to be the same，Touch the emotional response，Extraid the amplitude of the stock market。Converse，When the stock market information is heterogeneous (that is, when the trend information is departed from the public opinion information)，will cause investors' cognitive differences，Different from investors' willingness to transaction，Trigger reversal emotional response，Promote market trends to begin to reverse。In fact，The stock market is always affected by the repeated impact of the emotional and reversal emotions of momentum。Between the two are both opposed and unified，Interweater，Cycloping back，Continue to affect the stock market fluctuations。

To verify the above theoretical hypothesis，The author uses the situation experimental method，Analysis of the impact of stock market information on investors' emotions，Divided the stock market information area as trend information and public opinion information。Experiments adopt 2 × 2 test room design，A total of 442 valid data was received，Experimental results show that when the stock market information is homogeneous (that is, when the trend information is consistent with public opinion information)，Treatment of investors' cognition convergence，Causes investors' willingness to trading the same，Then touch the emotional response。When the stock market information is heterogeneous (that is, when the trend information and the public opinion information departs)，will cause investors' cognitive differences，Causes investors' transaction willingness to differentiate，Then trigger the reversal emotional response。The results of the research indicate，The inherent mechanism of the emotional overflow effect is due to the differentiated response of investors' awareness of the stock market information and the alternating cycle of the emotional emotion and reversal emotions.。This reveals that the emotional overflow effect of investors is an important factor affecting the fluctuation of the stock market，Not bet365 best casino games only confirmed the objective authenticity of this effect，It also effectively explains the cause of abnormal fluctuations in the stock market。

Visible，Emotional overflow effect effectively explains how investors make differentiated emotional responses to the stock market information (touch emotional emotion and reversal emotion)，Then affect the stock market fluctuations，Differential emotional response of investors' awareness of the stock market information is an invisible pusher that causes abnormal fluctuations。Based on this，Regulatory layers should pay great attention to public opinion information in the stock market、Effective management、Active guidance。Specifically，On the one hand, you can set up a public opinion monitoring agency，The development and change of public opinion information in the stock market in real time，and publish relevant information in time through the mainstream media，The correct direction of actively guiding the public opinion of the stock market。On the other hand, such as WeChat、Weibo and other online self -media information platforms strengthen supervision，To prevent the spread of unrealistic information，Blocking the flood of false news。This suppresses the possible occurrence of the emotional overflow effect of investors from the source，Cutting off the formation path of irrational fluctuations in the stock market，Then it provides a solid and reliable mechanism guarantee for its smooth operation，To ensure that my country's stock market development is stable and far away。

　(This article is the Study on the Influence Mechanism of Investor Emotions on the Influence of the Stock Market "(15BGL049) phased achievement)

(Author Unit: School of East China Normal University)