投资者往往交易太频繁，尤其是在投资者情绪高的时期，因为投资者对获得信息的信心更大，因此希望获得更好的回报。此外，在一定程度上，个人投资者对投资者情绪的某些信息是分散的，这在这段时间内是高的，经常是乐观的。因此，投资可能会影响股票价格对决策的影响。因此，本文希望研究投资者情绪对反馈交易行为的影响。
Investors tend to trade too frequently, especially in the period of high investor sentiment, because investors have more confidence in the access to information, so hope to achieve better returns. In addition, to some extent, individual investors are certain information spread over investor sentiment, which is high in this period, frequent optimistic. As a consequence, the investment could be influenced over the stock price on the decision making. Therefore, the article would like to investigate the effect of investor sentiment on feedback trading behavior.
从反馈交易的理论基础出发，分析了影响反馈交易的因素。反馈交易行为引起了许多研究者的关注。休伊特（2015）发现，在股指期货市场采用正反馈交易策略来确定自己未来的投资决策的投资者。然而，他们的研究缺乏潜在影响个体反馈交易者的内部因素。Chiao，Hung和Lee进一步指出：（2011）投资者情绪与正反馈交易之间的正相关关系可能会增加市场的流动性，以缩短投资周期，降低短期价格波动。此外，它还没有公布个人投资者之间微妙的心理因素。现实中的交易行为受市场影响，许多个人投资者倾向于寻找合理的价格，根据预期的“趋势”，以往记录中的交易量是永久性的。这种投资者被称为正反馈交易者。From the theory base of the feedback trading, the influence factors of them could be summarized as follow. Many researchers have paid attentions to the feedback trading behaviors. Huet.,al(2015) finds that the investors in the index future market using positive-feedback trading strategies to determine their future investment decisions. However, their study lacks internal factors that potentially affect individual feedback traders. Chiao, Hung, & Lee, further indicates (2011) thatthe positive relationship between investor sentiment and positive feedback trading may increase liquidity in the market to reduce investment cycle shorter temporary price fluctuations. Moreover, it does not publish subtle psychological factors among the individual investors. The trading behavior of real example is influenced over the market, the trend of many individual investors find reasonable prices and trading volume in the past records according to expect "trend" is permanent. Such investors are known as positive feedback traders.
The definition of the feedback trading could be defined on the following ways. Like "noise", "Feedback" this vocabulary is also rooted in natural science research. It refers to, in an information feedback system, system output as the input of the system parameters, thereby further strengthening the process of the system output, divided into positive reinforcement and negative reinforcement.....................
The financial model could be enhanced the positive trading influence over the share price. In addition, positive feedback trading model in the stock market traders can be divided into two categories: rational speculators and positive feedback traders. The rational speculative trading based on the fundamental value of the stock into the line, can stabilize the stock market, reduce excessive price volatility for use; .................
In the research, result has disclosed that the sentiment could be affected over the price of the share market. Furthermore, conventional wisdom suggests that investor sentiment significantly associated with trading frequency and the positive feedback trading. Results show that the relationship between the active trading frequency and volatility by using high frequency from the Nasdaq stock market under the intraday data set(Xiaoquan&Lihong, 2015)..................
In conclusion, the impact of the feedback trading on share price is serious over the test on the Chines share markets. In addition, the investors are willing to get more return from the share markets, their behaviors could enhance the decision making.
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