信息互动对上市公司传闻治理的影响

Effects of Information Interaction on Listed Firms′ Rumor Governance

社交平台用户之间的互动改变了公司的信息环境,进而可能促进或抑制公司传闻形成,影响公司的正常经营和股票市场表现。然而,已有研究主要关注传闻的事后影响,较少有学者研究传闻的事前治理,如对上市公司传闻形成的影响因素的研究。基于精细加工可能性模型,从理论上分析投资者如何通过中心路径或边缘路径解读公司信息,并研究社交平台上公司与投资者以及投资者之间互动模式的信息互动质量和强度对上市公司传闻形成的影响。选取2011年至2017年深圳证券交易所的上市公司为样本,利用爬虫技术采集公司与投资者以及投资者之间的互动数据,并依此构建公司与投资者信息互动质量和投资者之间信息互动强度变量,运用Logit模型实证检验信息互动对传闻形成的影响以及新闻媒体分歧度的调节作用。研究结果表明,公司与投资者之间的信息互动质量显著降低了公司传闻形成的可能性,投资者之间的信息互动强度加剧了传闻形成的可能性。进一步,新闻媒体分歧度越大,投资者之间的信息互动强度对传闻形成的正向影响越大,但新闻媒体分歧度对公司与投资者之间的信息互动与公司传闻之间的关系没有调节作用。研究结果将传统研究采取的单向信息供给视角扩展到了双向信息互动视角,并解释了不同形式的信息互动对传闻形成的作用机理,为理解信息互动对上市公司信息环境的影响提供新的经验证据。

Interaction in social platforms can change corporate′s information environment and further possibly promote or prohibit the generation of firm rumor, which therefore affects the normal firm operations and its stock performance. While most of the studies have focused on the consequences of rumors, there is little literature on the ex-ante rumor governance, such as exploring the antecedents of rumor generation of listed firms.Based on the elaboration likelihood model, the study theoretically analyzes how investors interpret firm information through the central route or peripheral route, and explores the effects of information interaction quality and intensity of firm-investor interaction and investor-investor interaction modes on the generation of listed firms′ rumor. By employing samples of listed firms in Shenzhen Stock Exchange during 2011-2017, collecting firm-investor and investor-investor interaction data through crawler technology, and then constructing variables of firm-investor interaction quality and investor-investor interaction intensity, the study utilizes Logit model to explore the effects of information interaction on rumor generation and the moderating effect of news media divergence.The empirical results show that firm-investor interaction quality can significantly reduce firms′ rumor generation;however, investor-investor interaction intensity aggravates the likelihood of rumor generation. In addition, news media divergence can strengthen the positive relationship between investor-investor interaction intensity and rumor generation;but it cannot moderate the effects of firm-investor interaction quality on rumor generation.The study thus extends prior research on information communication from one-way information supply to two-way information interaction, and interprets the mechanism about how information interactions would play different roles on its rumor generation. Finally, the study provides empirical evidence for us to understand how information interaction influences corporate′s information environment.