网络平台互动、策略性回应与股票错误定价  

Interaction Online,Strategic Response of Listed Company and Stock Mispricing

作　　者：徐寿福[1] 郑迎飞[1] 张嘉宸 XU Shou-fu;ZHENG Ying-fei;ZHANG Jia-chen(School of Finance,Shanghai University of International Business and Economics,Shanghai,201620,China;School of Finance,Zhejiang University of Finance and Economics,Hangzhou,Zhejiang,310018,China)

机构地区：[1]上海对外经贸大学金融管理学院,上海201620 [2]浙江财经大学金融学院,浙江杭州310018

出　　处：《经济管理》2023年第11期189-208,共20页Business and Management Journal ( BMJ )

基　　金：国家自然科学基金青年项目“管理层股权激励对资本市场错误定价的影响及其监管研究”(71503162)。

摘　　要：在依托“互动易”和“e互动”网络平台与投资者互动交流的过程中,上市公司经常存在策略性披露动机和行为。本文采用文本分析法提取了上市公司回复中的“客套话”,在此基础上构建了策略性回应“避实就虚”程度的度量指标,考察网络平台互动中上市公司策略性回应对资本市场定价效率的影响及其机制。实证结果表明,上市公司在网络平台互动中的策略性回应会产生和放大投资者意见分歧,加剧上市公司股票错误定价尤其可能造成股价低估。进一步研究发现,投资者规模越大、上市公司信息透明度越差,策略性回应对股票错误定价的正向驱动效应越显著。本文不仅识别了网络平台互动中一类新的策略性信息披露行为,提供了考察网络平台互动这一新型互动式信息披露手段的新视角和新证据,丰富了策略性信息披露经济后果和股票错误定价驱动因素的相关研究。The operation of SZSE's“Interactive Easy”and SSE's“e-Interactive”internet platform provides a convenient channel for listed companies and investors to engage in one-on-one communication by utilizing internet and information technology.While interactive platforms serve as tangible mediums for investors to swiftly access proprietary information,listed companies frequently adopt strategic responses,including the use of courteous language and various techniques.There is no doubt that strategic response of listed company may have an impact on investor's decisions and market efficiency.From the perspective of courteous language,this paper constructs two proxies to measure the non-direct answers of listed company through textual analysis.Subsequently this paper investigates the impact of these strategic responses on stock mispricing.The findings of this paper reveal that the online strategic responses of listed companies contribute to an exacerbation of stock mispricing,primarily manifesting as undervaluation.Furthermore,the amplification of heterogeneity in investor beliefs emerges as the primary mechanism through which the strategic responses of listed company impact stock mispricing.Additionally,the effects of listed company's strategic responses on stock mispricing are more prominent when the firm possesses a larger(retail)investor base and experiences lower levels of information transparency.Altogether,this paper contributes to the literature in several ways.First,this paper identifies a novel form of strategic information disclosure on the internet platform,and in turn enriches the literature on the strategic motivation and behavior in the interactive information disclosure.Courteous language serves as means to modulate the tone and extent of information disclosure,warranting extensive examination.Second,this paper demonstrates that the strategic information disclosure may produce and magnify the heterogeneity of investors'beliefs,thus exacerbating stock mispricing.This contributes to a broader comprehensi

关 键 词：网络平台互动 股票错误定价 策略性信息披露 投资者意见分歧 客套话 

分 类 号：F832.5[经济管理—金融学]