The Impact of Technology Attention and Investors on Stock Returns: Taking Science and Technology Innovation Board Company as an Example

Abstract

Since the fourth anniversary of the opening of the Science and Technology Innovation Board, the number of listed companies on the board has reached 546, with a total fundraising amount of 858.242-billion-yuan, accounting for 42% of the total domestic A-share financing during the same period. The stock return on the Science and Technology Innovation Board has become a topic of concern for investors. This article uses indirect indicators from 2021 to 2023, and uses principal component analysis to construct investor attention and investor sentiment indicators. By using panel analysis, it is found that investor attention has a negative impact on stock return, investor sentiment has a positive moderating effect on investor attention-stock return. In order to further explore the impact and effect of differences in investor sentiment and investor attention in the high and low sentimental group, it conducted a heterogeneity test, which found that the relationship between investor attention and stock returns in the low sentiment group is significantly negative, but not in high group. And there is a significant positive correlation between the investor sentiment moderating effect and stock returns in the high sentiment group, but not in the low sentiment group. This result can be beneficial for guiding market regulatory authorities and consumers to supervise and invest rationally in stocks on the Science and Technology Innovation Board.