Study on the Impact of Investor Sentiment on the Rate of Return of the Liquor Sector
This paper uses the China Investor Confidence Sentiment Index(CICSI)as a representative of investor sentiment in the Chinese stock market,and selects the Guozheng Liquor Index from March 2013 to August 2023 as a representative of the liquor sector.The relationship between the Chinese stock market investor sentiment index and the rate of return in the liquor sector is studied using VAR model.The research results show that there is a bidirectional influence between the investor sentiment index and the rate of return in the liquor sector.The lagged investor sentiment index has a positive impact on the rate of return in the liquor sector,but there is a long-term reversal effect.And the rate of return in the liquor sector has a significant positive effect on the investor sentiment of the next period.
NETL
NSTL
万方数据
