基于机器学习的情绪与关注对网络信贷投资行为的影响  

The impact of sentiment and attention based on machine learning on internet credit investment behavior

作　　者：韩艳婷 胡锦 胡大宁 Han Yanting;Hu Jin;Hu Daning(Business School,Southern University of Science and Technology,Shenzhen 518055,China;Lee Shau Kee School of Business and Administration,Hong Kong Metropolitan University,Hong Kong,China)

机构地区：[1]南方科技大学商学院,深圳518055 [2]香港都会大学李兆基商业管理学院,中国香港

出　　处：《数智技术研究与应用》2025年第1期83-96,共14页SmartTech Innovations

基　　金：国家自然科学基金(71971106、72001099);广东省省级科技计划项目软科学研究领域(2020A1010020002);广东省普通高校人工智能重点领域专项(2019KZDZX1014);广东省珠江人才计划资助项目(2019QN01X277);深圳市人文社会科学重点研究基地资助。

摘　　要：随着现代信息技术的发展,作为传统金融模式与互联网技术融合的新型金融模式,互联网金融凭借其低成本、高效率、信息充分公开的优势迅速进入了飞速发展的阶段,也为信贷市场开辟了新的路径。同时,社交网络的快速发展使投资者能够在社交媒体上发表包含个体观点及态度的文本,现有研究表明这些文本反映的投资者情绪与关注会影响股票和证券中的投资行为。投资者情绪和关注是否同样会影响网络信贷投资行为?文章利用某网络信贷市场中的投资者文本数据,使用基于语料库与机器学习的情绪分类算法构造投资者情绪指数,结合计量回归模型实证检验信贷市场中投资者情绪和投资者关注对网络信贷投资行为的影响。结果表明,网络信贷投资者的情绪越积极,信贷投资额越大;投资者在信贷平台的社会互动越多,其情绪传染越广,投资者情绪对平台信贷投资额的正向影响越大;投资者关注与信贷投资额之间存在“倒U形”曲线关系,过高的投资者关注可能会抑制网络信贷投资行为。Internet finance is a new financial model that integrates traditional financial models and Internet technology.Due to its advantages of low cost,high efficiency,and full disclosure of information,internet finance has quickly entered a stage of development with the advancement of modern information technology and has also created new opportunities for the credit market.Because of the rapid development of social networks,investors can now publish texts that contain their individual opinions and attitudes on social media.Moreover,current research demonstrates that the sentiment and attention expressed by investors in these texts can influence investment behavior in stocks and securities.Will investor sentiment and attention also affect internet credit investment behavior?This study builds an investor sentiment index from investor text data from an internet credit market using a sentiment classification algorithm based on corpus and machine learning.It empirically examines the effects of investor sentiment and attention on internet credit investment behavior,combining it with an econometric regression model.The findings indicate that the more positive the sentiment of online credit investors,the greater the amount of credit investment.The emotional contagion among investors on the credit platform spreads further due to increased social contact,which eventually strengthens the positive impact of investor sentiment on the amount of credit investment on the platform.Investor attention has an“inverted Ushaped”link with credit investment,and excessive investor attention may prevent internet credit investment.

关 键 词：投资者情绪 投资者关注 网络信贷投资 情绪分析 

分 类 号：F83[经济管理—金融学]