上市公司参与网络互动的动因及影响研究

Research on the Motivation and Influence of Listed Companies′ Participating in Network Interaction

互联网技术给资本市场信息流动带来深远影响,但它并没有改变投资者与上市公司之间的信息地位。以2010-2017年深交所上市公司为研究样本,基于同期投资者关系互动平台的问答数据,实证检验上市公司参与网络互动的动因及影响。结果表明:利好信息、利空信息都能促使上市公司积极参与网络互动,相对而言,利好信息的影响更大;当互动内容涉及较多的利空信息时,上市公司不会立即采取消极回答策略,直到利空信息占比超过一个临界值;积极参与网络互动可以显著改善上市公司的信息透明度。在监管部门有效维护市场声誉的条件下,投资者与上市公司之间的网络互动能够维持在一个有利于信息流动的状态。

Internet technology has a profound impact on the information flow of capital market,but it has not changed the information status between investors and listed companies. Based on the Q&A data of the interactive platform of investor relations in the same period, this paper empirically tests the motivation and influence of listed companies’ participation in online interaction. The results show that both positive and negative information can promote the listed companies to actively participate in the network interaction,and the positive information has a greater impact;when the interactive content involves more negative information,the listed companies will not immediately take a negative response strategy until the proportion of negative information exceeds a critical value;active participation in the network interaction can significantly improve the information of the listed companies transparency. Under the condition of effective maintenance of market reputation by regulatory authorities, the network interaction between investors and listed companies can maintain a state conducive to information flow.