投资者互动与上市公司股票长期停牌--基于“互动易”的经验证据  

Investor Interaction and Long-term Stock Halts of Listed Companies:Evidence from“Hudongyi”

作　　者：李卫兵[1] 李铭洋 LI Weibing;LI Mingyang(School of Economics,Huazhong University of Science and Technology,Wuhan 430074,China)

机构地区：[1]华中科技大学经济学院,湖北武汉430074

出　　处：《中南财经政法大学学报》2023年第5期80-94,共15页Journal of Zhongnan University of Economics and Law

基　　金：国家社会科学基金项目“城镇化高质量发展的时空演化机制与空间路径研究”(20BJY071)。

摘　　要：在当今信息技术迅速发展的时代背景下,本文基于深交所“互动易”投资者互动平台数据,研究了投资者互动对上市公司股票长期停牌的影响。结果表明,投资者与上市公司之间的互动沟通能够显著降低公司股票停牌时长与停牌次数,该结论也通过了双重差分法、工具变量法以及其他稳健性检验。机制分析表明,投资者互动可以通过提高信息透明度与内部控制水平,减少公司股票停牌。进一步分析发现,投资者互动情绪同样对股票停牌有显著负向影响,并且投资者互动还可以改善股票复牌后的市场表现,稳定公司市场价值和保护投资者利益。本文的研究为更好地利用投资者互动平台监督上市公司长期停牌行为提供了经验证据,监管机构应该调动投资者参与网络互动的积极性,进一步优化上市公司股票停牌行为。In the current era of rapid development in information technology,this paper examines the impact of investor interactions on the long-term halting of stocks of listed companies,using data from the"Hudongyi"investor interaction platform of the Shenzhen Stock Exchange.The results indicate that interaction between investors and listed companies can significantly reduce the duration and frequency of stock halts,which is confirmed by difference-in-difference method,instrumental variable analysis,and other robustness tests.Mechanism analysis suggests that investor interaction can reduce stock halts by increasing information transparency and improving internal control.Further analyses reveal that investor interaction sentiment also has a significant negative impact on stock halts,while investor interaction improves post-resumption market performance,stabilizes company market value,and protects investor interests.This study provides empirical evidence for utilizing the investor interaction platform to monitor the long-term suspension behavior of listed companies.As such,regulators should encourage investor participation in online interaction and further optimize stock halts.

关 键 词：投资者互动 股票停牌 “互动易” 信息透明度 内部控制 

分 类 号：F832.5[经济管理—金融学]