区块链信息披露与投资者关注  

Blockchain Information Disclosure and Investor Attention

作　　者：徐枫[1] 潘麒[1] 金山[2] Xu Feng;Pan Qi;Jin Shan

机构地区：[1]华南理工大学经济与金融学院,广东广州510006 [2]广东金融学院华南创新金融研究院,广东广州510521

出　　处：《证券市场导报》2022年第10期57-68,共12页Securities Market Herald

基　　金：国家社会科学基金面上项目“我国实现碳中和目标的财政金融协同机制及政策优化研究”(项目编号:21BJL121)。

摘　　要：含有“区块链”等热词的信息披露能够有效引起投资者关注,但不实的信息披露会严重误导投资者,不利于资本市场稳定发展。本文基于2015—2019年A股上市公司年报文本信息,采用大数据文本分析方法研究区块链信息披露对投资者关注的影响效应及作用机制。研究发现,区块链信息披露能够显著提高投资者关注;投资者更关注实质性、高透明度、非违规性与机构持股增加的上市公司区块链信息披露变化;投资者保护程度增强能抑制投资者过多关注区块链信息披露,但大股东掏空行为会削弱这种抑制作用。本文结论为监管层规范企业信息披露行为、完善投资者保护体系、引导投资者理性投资提供了经验证据,对推动我国资本市场行稳致远具有启示意义。Information disclosure containing hot words such as blockchain can easily attract investors’attention,but false information disclosure will seriously mislead investors’attention,undermining the stable development of the capital market.Based on the text information of annual reports of A-share listed companies from 2015 to 2019,this paper uses the big data text analysis method to study the influential effect and mechanism of blockchain information disclosure on investor attention.This paper finds that blockchain information disclosure can significantly increase investor attention.Investors pay more attention to the changes in blockchain information disclosure of listed companies,such as substantial,high transparency,non-violation,and increased institutional shareholding companies.The enhancement of investor protection can inhibit investors from paying too much attention to blockchain information disclosure,but the tunneling behavior will weaken this inhibition.The conclusion of this paper provides empirical evidence for the regulators to regulate the information disclosure behavior of enterprises,improve the investor protection system,and guide investors to make rational investments.It also provides insights for maintaining sustainable growth of China’s capital market.

关 键 词：区块链信息披露 投资者关注 投资者保护 大股东掏空 

分 类 号：F830.91[经济管理—金融学]