社交媒体网络中心度对上市公司违规的影响

Influence of Social Media Network Centrality on Listed Companies Violations

基于互联网社交媒体在资本市场日益普及的背景,运用社会网络分析法,探讨社交媒体网络中心度对上市公司违规行为会产生何种影响。选取2011—2020年中国A股上市公司作为研究对象,在利用爬虫程序Python对东方财富网个股股吧中的网友评论数据进行百万条量级的爬取后,计算出各家上市公司的网络中心度指标,然后对其与上市公司违规行为的关系进行了实证分析。研究结果表明,社交媒体网络中心度越高的公司,未来发生违规行为的概率越小。进一步的研究显示,信息扩散速度是社交媒体网络中心度抑制上市公司违规行为的作用机制。研究结论可为资本市场的投资者和监管机构提供有益参考。

Based on the increasing popularity of internet social media in the capital market,this paper uses the method of social network analysis to explore the impact of social media network centrality of listed companies on their violations.This paper selects A-share listed companies in China from 2011 to 2020 and uses Python to crawl the data of online users'comments in Dongfang wealth website bars in millions of magnitude,then uses Ucinet to calculate the network centrality index of each listed company,and then makes an empirical analysis of the relationship between the network centrality index and the illegal behavior of listed companies.The results show that the higher the social media network centrality,the smaller the probability of future violations.Further research shows that the speed of information diffusion is the mechanism of social media network centrality inhibiting listed companies'illegal behavior.The research conclusions can provide useful reference for investors and regulators in the capital market.