The Research On Capital Market Effectiveness Of New Media Investor Relationship Management Platform

"Hudongyi" platform is an important platform for listed companies to manage new media investor relations,which provides a lot of convenience for investors and listed companies to exchange information.It has gradually become a new channel for investors to obtain information from listed companies and playing a vital role in investor decision making.However,what is the impact of the characteristics of management's response on the capital market,such as the lack of response,the use of few words,the template response,etc.,which has been a matter of concern to investors and regulators.This paper takes the reply content of the A-share listed company in Shenzhen Stock Exchange from 2013 to 2015,and then analyzes the characteristics of the management reply from the timeliness,the amount of information and the heterogeneity,and finally validates the relationship between management response characteristics and stock liquidity.Empirical evidence suggests that there is a positive correlation between stock liquidity and management response timeliness,information volume and heterogeneity separately.Compared with lengthy responses,concise and timely responses have a greater impact on stock liquidity.Compared with the high heterogeneity of the response,the company' s low heterogeneity of the timely response contribute to greater stock liquidity.In addition,the relation between the length of the response to the timeliness and the liquidity of individual stocks also depends on the level of heterogeneity of the company's response.The gap of the different length of response to promoting the liquidity is basically the same when the level of heterogeneity is high;while the level of heterogeneity is low,the company concisely reply is playing a greater role in the promotion of liquidity of the stocks.Based on the results of empirical research,this paper puts forward relevant policy suggestions from three aspects:improving the management mechanism for new media information disclosure,improving the level of management of new media investor relations and cultivating effective investors.The innovation of this paper is as follows:First,it is an earlier evaluation of the activities of the listed companies on the new media platform for investor relations management.This paper analyzes the relationship between investor relationship management and stock liquidity of listed companies from the perspectives of timeliness,information volume and heterogeneity.Second,this paper conducts large-scale semantic mining on management disclosure.Combined with natural language processing technology and other methods,not only to cover the scope of the sample to the Shenzhen Stock Exchange A shares listed companies,at the same time also measure the characteristics of management response in the semantic level,which could be helpful to understand the role of the text characteristics of management disclosure in the capital market.Third,this paper leads a continuous study on the investor relationship management.This paper conducts a three-year observation of the company for days,and adding a multi-source information data source to control the information effect,expanding the research perspective from a specific event to the more common daily disclosure of the company,the results are more robust and general.