网络舆情及其应对与上市公司的信息效率

网络舆情的兴起给资本市场带来了深远影响,对监管层和上市公司的舆情管理工作也提出了新的挑战.借助于监管部门对深市上市公司网络舆情应对状况的调查,实证检验了网络舆情及其应对与上市公司的信息效率的关系.研究发现,网络舆情危机会造成当年度股价崩盘,且来自自媒体的转载会增大股价崩盘的幅度,网络舆情重视和应对程度良好的公司在面对舆情危机时的股价崩盘幅度更低.上市公司对网络舆情的重视及投入能够向资本市场传递公司特质信息,提高资本市场的信息效率,进而降低未来股价崩盘风险和股价同步性.结论表明,上市公司加强网络舆情应对并非是满足监管要求和投资者诉求的面子工程,而是一项切实有效的求是工作,结论对完善资本市场信息传播管理制度,提高资本市场信息效率具有一定的参考价值.

Internet public opinions,response and listed firms' information efficiency

Recently rising internet public opinions have been bringing profound influences to the capital market, as well as new challenges to regulators and listed firms. Using 1,325 questionnaires collected by regulators, this study empirically tests whether and how listed firms' response to the internet public opinions (hereafter RIPO for short) can affect information efficiency in the capital market. This study document that public opinion crisis results in current-year stock price crash and reproduction from the we-media will magnify the negative effect to the stock price, but firms that emphasize and invest more in the RIPO can decrease the negative effect. Listed firms can spread the firm-specific information to the capital market to lower the stock price synchronicity and the probability or magnitude of future stock price crash by emphasizing and investing in the RIPO. The conclusions we draw from this study show that RIPO can increase the information efficiency in the capital market, RIPO is not a beauty-show project, but play a pragmatic role in the capital market. This study also shows practical significance to perfect the information management system and improve the transparency of the capital markets.