在线股票社区用户参与行为研究——基于股吧的实证分析

Research on User Participative Behaviors in Online Stock Forum:Empirical Research from Guba Forum

在线股票社区是股票投资者进行交流的重要渠道,他们通过发帖和回帖行为实现信息的传播,而信息的传播对投资者情绪有重要影响。本文以“股吧”论坛的“股市实战”版块为研究对象,研究了论坛用户发帖和回帖行为的特征。结果表明:用户多在股市开市期间进行发帖,且大多数用户是信息的“接收者”而非“发送者”;通过构建指数随机图模型发现互惠性在用户回帖行为中较为活跃;该回帖网络存在一定程度的小团体特征;高社会资本的用户是论坛中发回帖行为最积极的用户,他们的言论会对其他用户产生重要影响。

Online stock forum is an important channel for stock investors to share information;they spread information through posting and replying behaviors.The information dissemination has major influence on investor sentiment.This article analyzed the feature of forum users’posting and replying behaviors based on“stock actual combat”part in“Guba”community.The result reveals that most users prefer to post posts when stock market is opening and most of them are“receiver”rather than“sender”;we found that mutual feature is positive in the forum by employing exponential random graph model;there is a certain degree of small group characteristics in the social network;users who have more social capitals are more likely to post and reply and their opinions have vital effect on others.