网络舆论压力、投资者保护和公司治理——基于股市异常停牌的经验证据

The Pressure of Internet Public Opinion,Investor Protection and Corporate Governance——Evidences from Abnormal Trade Suspension of Stock Market

本文以我国上市公司为研究样本,基于2015年我国股市非正常波动的特定事件,研究了网络股吧论坛的网络舆论压力对公司治理的影响。实证结果表明,网路舆论压力对我国上市公司的公司治理产生了显著的正向影响,中小投资者通过股吧网络平台发表的自身权益诉求得到了上市公司的积极回应。实证回归结果表明,中小投资者的权益保护诉求通过网络舆论压力的传导在国有控股的上市公司得到了积极显著的回应,而在非国有控股的上市公司网络舆论起到的公司治理作用并不显著;网络舆论对我国东中西部的上市公司产生的公司治理作用不存在显著差异。

Taking China＇s listed companies as the sample, based on the special event of abnormal volatility on China＇s stock market in 2015, the paper analyzes the effect of the pressure of internet public opinion from the internet message board on corporate governance. The empirical results show that the pressure of internet public opinion has a positive impact on corporate governance. Listed companies respond positively to the appeal for self-interest from minority investors. Furthermore, the findings indicates that the pressure of internet public opinion plays a strong positive role in corporate governance in state-owned enterprises. However, there does not exist the corporate governance role of internet public opinion in non-state-owned enterprises, and there is no Significant difference among the listed companies of eastern regions and of the central and western regions in the corporate governance role of internet public opinion.