投资者-上市公司互动对企业价值的影响研究

Research on the Influence of Investor-Listed Company Interaction on Firm Value

本文基于2013年至2022年间上市公司与投资者互动水平等数据,深入探讨了投资者-上市公司之间的互动对企业价值的影响。实证结果表明,当投资者与上市公司之间的互动水平越高时,企业价值呈现出显著增加的趋势。在经过内生性检验和稳健性检验后,这一结论依然稳健,即高水平的投资者-上市公司互动对企业价值的提升具有积极影响。进一步研究发现,这种互动对国有控股企业的影响更为显著;同时,在高层回复质量高的情况下,投资者与上市公司之间的互动对企业价值的提升作用更为突出。因此,上市公司应当积极与投资者展开沟通,有效提升互动水平,以进一步推动企业价值的增长。

Based on data such as the interaction level between listed companies and investors from 2013 to 2022,this paper explores in depth the impact of investor-listed companies'interaction on firm value.The empirical results show that the higher the level of interaction between investors and listed companies,the enterprise value presents a significant increase trend.After the endogeneity test and robustness test,this conclusion is still robust,that is,high level of investor-listed company interaction has a positive impact on the improvement of enterprise value.Further research shows that this interaction has a more significant impact on state-owned enterprises;At the same time,in the case of high quality of high-level response,the interaction between investors and listed companies has a more prominent role in enhancing corporate value.Therefore,listed companies should actively communicate with investors to effectively enhance the level of interaction in order to further promote the growth of corporate value.