中小投资者与企业互动交流对企业绩效的影响研究——基于网络平台分析  

Research on the Impact of Investor Interaction on Corporate Performance Based on Network Platform

作　　者：陈志芳[1] 李利容 李佳颖 CHEN Zhi-fang;LI Li-rong;LI Jia-ying(School of Management and Economics,Kunming University of Science and Technology,Kunming 650093;School of Computer and Information Technology,Beijing Jiaotong University,Beijing 100091)

机构地区：[1]昆明理工大学管理与经济学院,云南昆明650093 [2]北京交通大学计算机与信息技术学院,北京100091

出　　处：《财务与金融》2023年第5期59-67,75,共10页Accounting and Finance

摘　　要：“互动易”与“上证e互动”的上线,在中小投资者与企业之间建立了快捷、规范的沟通桥梁,对信息传播和企业发展产生了重要影响。以2010-2021年中国A股上市公司为样本,采用实证分析法,研究基于网络平台的中小投资者与企业互动交流对企业绩效的影响。结果表明:中小投资者与企业的互动交流对企业绩效有提升作用;机制分析发现,中小投资者与企业的互动交流通过降低第二类代理成本、缓解融资约束提升企业绩效;调节效应发现,内部控制与股吧活跃度能减弱中小投资者与企业互动交流对企业绩效的影响。异质性分析发现,在非“四大”审计、媒体关注度较低的企业中,中小投资者与企业互动交流对企业绩效的影响程度更大;进一步分析发现,处于网络互动中心位置有助于提升企业绩效;企业回复文本的情绪表现具有信息传递的作用,适当的积极与消极情绪能促进企业绩效的提升。为了更好地保护中小投资者利益,企业应该及时、充分、客观地回复中小投资者提问;中小投资者应充分利用互动平台,仔细甄别信息真假;证券交易所应发挥监督作用,确保有效互动。The launch of"Interactive easy"and"SSE e Interactive"has established a quick and standardized communication bridge between small and medium-sized investors and enterprises,and has had an important impact on information dissemination and enterprise development.Taking the data of China's A-share listed companies from 2010 to 2021 as samples,this paper adopts empirical analysis to study the impact of interaction between small and medium-sized investors and enterprises based on online platforms on corporate performance.The results show that the interaction between small and medium-sized investors and enterprises can improve the performance of enterprises;Mechanism analysis shows that the interaction between small and medium-sized investors and enterprises can improve the performance of enterprises by reducing the second type of agency cost and easing financing constraints.The moderating effect shows that internal control and stock bar activity can weaken the influence of interaction between small and medium investors and firms on firm performance.Heterogeneity analysis shows that in non-"Big Four"audit enterprises with low media attention,interaction between small and medium-sized investors and enterprises has a greater impact on enterprise performance.Further analysis shows that being in the center of network interaction helps improve enterprise performance;The emotional expression of corporate reply text has the function of information transmission,and appropriate positive and negative emotions can promote the improvement of corporate performance.In order to better protect the interests of small and medium investors,enterprises should timely,fully and objectively reply to small and medium investors'questions;small and medium-sized investors should make full use of interactive platforms to carefully screen the truth of information;stock exchanges should play a supervisory role to ensure effective interaction.

关 键 词：网络平台 互动交流 企业绩效 

分 类 号：F230[经济管理—会计学]