目录
摘要Ⅱ
引言
一、文献综述及理论分析1
（一）国内外研究概况1
1．投资者情绪的定义1
2．投资者情绪的度量1
3．构建投资者情绪指标的方法3
4．投资者情绪对股票收益和波动影响研究3
5．文献述评4
（二）互联网金融投资者情绪影响机制4
二、互联网金融投资者情绪指数构建5
（一）变量选取5
1．类股市指标5
2．基于互联网金融特征的指标5
（二）数据来源及描述性分析6
（三）基于偏最小二乘法构建指数8
1．偏最小二乘法简介8
2．指数构建8
三、互联网金融投资者情绪对互联网理财产品收益的影响实证研究10
（一）变量与数据10
1．变量选取10
2．数据来源及描述性分析11
（二）OLS实证研究12
1．模型选取12
2．单变量OLS实证研究12
3．加入宏观解释变量后的OLS回归结果12
（二）GARCH模型的实证分析13
四、结论14
参考文献14
致谢15
互联网金融市场投资者情绪对互联网理财产品收益的影响
摘 要
基于行为金融视角,研究互联网金融投资者情绪对互联网理财产品市场收益率的影响有利于完善互联网金融市场的风险评估体系。本文选取了反映互联网理财产品市场交易特征的新增平台数量、新增问题平台数量、成交量、换手率的“类股市指标”和反映互联网金融特征的资金净流入量、投资人数和网贷人气指数共7个指标，运用偏最小二乘法，构建了互联网金融市场投资者情绪指数。并选取2014年1月到2019年12月的网贷之家官网和Wind数据库的月度数据，采用OLS以及GARCH模型，对互联网理财市场收益率与互联网金融投资者情绪指数之间的影响进行分析。结果表明，互联网金融投资者情绪对互联网理财产品综合收益率存在负向影响，且互联网金融投资者情绪会通过影响投资者行为而加剧互联网理财产品价格的波动，即存在波动溢出效应。 *51今日免费论文网|www.51jrft.com +Q: &351916072& 

THE IMPACT OF INVESTOR SENTIMENT IN THE INTERNET FINANCIAL MARKET ON THE INCOME OF INTERNET WEALTH MANAGEMENT PRODUCTS.
ABSTRACT
Studying the impact of Internet financial investor sentiment on the Internet financial product market rate of return from a behavioral finance perspective can improve the Internet financial market risk assessment system. This article selects the number of "new stock market indicators" that reflect the characteristics of Internet financial product market transactions, the number of new problem platforms, the volume of transactions, the turnover rate, and the net capital inflows, number of investors, and online loans that reflect the characteristics of Internet finance. A total of 7 indicators of popularity index, using partial least squares method, construct the investor sentiment index of the Internet financial market. And use the monthly data of the official website and Wind database from January 2014 to December 2019, and use the OLS and GARCH models to analyze the impact of the Internet financial market return rate and the Internet financial investor sentiment index. The results show that Internet financial investor sentiment has a negative impact on the comprehensive yield of Internet wealth management products, and Internet financial investor sentiment will aggravate the volatility of Internet wealth management product prices by affecting investor behavior, that is, there is a volatility spillover effect.
KEY WORDS： Internet financing; investor sentiment; partial least squares; behavioral finance

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