关键词: 股价同步性, 非理性噪音, 文本分析, 信息披露

Abstract: Stock price synchronization is an important index to measure the information efficiency of capital marketThe influence mechanism of stock price synchronization has always been a hot issue in financial researchThrough text analysis and machine learning, this paper measures the irrational noise in the comments posted by Chinese investors in the Oriental Fortune Forum, and tests the relationship between the noise in the stock network platform and the stock price synchronizationThe research finds that, first, the noise in the stock network platform will induce irrational investment decisions, thus reducing the synchronicity of stock price changesThe higher the proportion of noise comments, the lower the synchronicity of share price of listed companies, and there is an inverted Ushaped nonlinear relationship between the twoSecond, the increase in company stock news and announcements, the increase in analyst attention, and the improvement of external audit quality can all reduce the impact of noise in the stock network platform on stock price synchronizationThis paper focuses on the impact of the noise in network new media on stock price synchronizationThe conclusions are of practical significance for the regulatory authorities to strengthen the network information monitoring and for the listed companies to further improve the information disclosure channels

Key words: stock price synchronization, irrational noise, text analysis, information disclosure