网络水军与资源配置效率:基于大股东减持视角

Web Spammer and Resource Allocation Efficiency:A Study Based on the Perspective of Major Shareholder Reduction

清朗的互联网环境是我国建立“网络强国”之基础,水军作为极具诱导性的群体严重干扰了网络秩序。本文旨在建立一种新的水军识别策略,并以大股东减持为场景,探究水军在资本市场中的作用。研究发现,相对于未发生大股东减持,大股东减持期间水军活跃度明显上升。横截面分析结果表明,上述趋势在股价波动性高、个人投资者关注度高、分析师跟踪数量少的公司更明显。此外,对于存在水军活动的减持样本,其股价在完成减持前迅速上升,而后出现“断崖式”下跌,而无水军组不存在此种趋势。上述结果意味着,大股东雇佣水军拉升股价后进行减持,扰乱了证券交易秩序,降低了资本市场资源配置效率。本文开拓了资本市场中水军行为研究,对投资者保护、资本市场环境及网络治理具有重要意义。

The arrival of the 4G era has accelerated the development of the"Mobile Internet"and related industries.As the influence of the internet becomes increasingly widespread,the supervision and governance of the online environment are crucial for building a harmonious society.The report of the 19th National Congress of the Communist Party of China emphasized the need to"strengthen the construction of internet content,establish a comprehensive gov-ernance system for the internet,and create a clean and clear cyber-space,which has become one of the three major tasks of internet development at this stage.Based on the attention from the govern-ment,China has issued a series of laws and regulations to standard-ize the security of the online environment and content construction,such as the"Cybersecurity Law"and the"Internet Forum and Com-munity Service Management Regulations".The issuance of these laws and regulations indicates that China's internet construction has entered an important stage,and it also means that there are still many problems in the current internet environment.In particular,the web spammers,a special group on major online platforms char-acterized by their speculative and manipulative nature,are widely active in areas such as shopping websites,making them a key target for rectification in the recent online environment.These web spam-mers disrupt normal information transmission and communication through paid deletion of posts,paid posting,and illegal advertising,severely hindering the healthy and sustainable development of the market.significantly during major shareholders'share selling.(2)The above trend is more obvious in firms with high stock price volatility,high individual investor attention,and a low number of analyst tracks.(3)For the samples of major shareholder reductions in the presence of web spammers,the share price rises rapidly before the comple-tion of the reduction,and falls in a"clifflike"manner after the reduction is done.The normal shareholder reductions group does not show this tendency.(4)The relationship between the reduction of financial institutions,shareholders with lower stock ownership rankings and the activity of web spammers is not obvious.(5)During the process of major shareholders increasing their holdings,the change of web spammers’activity is not significant.The above results indicate that the major shareholders will sell stocks when the corresponding price is pulled up by the hired web spammers,which reduces the efficiency of resource allocation in the capital market.The research significance of this paper includes the following four points:First,it makes a pioneering study on the behavior of web spammers in the capital market and their influence.Limited by data and models,academic research on web spammers has only fo-cused on service industries(such as catering and retail).This paper explores the formation mechanism of web spammers in the capital market,which has a strong inspiration for subsequent research.Sec-ondly,a new method for identifying web spammers is provided.At present,most of the models for identifying web spammers cannot be directly applied to the research of capital market.Based on the unique structure of the guba,this paper finds out the core identifi-cation feature of web spammers,and adds the conventional features from the literature to more accurately capture the activity of web spammers.Thirdly,this study has important practical significance for strengthening the protection of individual investors.In the era of rapid development of the internet,major shareholders"squeezing retail investors"form is also updated iteration.Web spammers may be used by certain groups to mislead investors,and ultimately infringe the interests of individual investors.Fourthly,it plays an important role in the supervision of China's network information environment.The forum community,as an important part of the internet,has been given importance by the government departments.This paper finds that web spammers may damage the market order and pricing function.Understanding this point is conducive to a comprehensive understanding of China's internet environment and existing prob-lems,so as to provide new ideas for network governance.