An Empirical Study On The Influence Of Public Opinion Information On The Stock Price Of Listed Companies

In the market economy,the stock price of listed companies may be affected by many factors,among which public opinion information is an important factor.Investors are increasingly relying on public opinion information obtained on the Internet to assist investment decision-making,especially the stock price fluctuations caused by public opinion emergencies become more and more obvious.Based on the concepts of public opinion information,listed companies,capital market public opinion and abnormal fluctuation of stock price,this paper empirically studies the impact of public opinion information on stock price of listed companies by using event research method and multiple regression econometric method,and analyses the main reasons for insufficient management of public opinion information of listed companies.Put forward the Countermeasures for listed companies to improve the management of public opinion information.The empirical study shows that the average abnormal rate of return and cumulative excess rate of return of listed companies fluctuate randomly around zero before the publication of public opinion information,and the market is effective.After the announcement of public opinion information,the cumulative excess rate of return of listed companies dropped significantly,and the cumulative excess rate of return showed that Shenzhen A enterprises were significantly lower than Shanghai A enterprises,SMEs and GEM,significantly lower than the main board.At the same time,this paper also finds that,with the passage of time,the average abnormal return of listed companies will eventually return to the random fluctuation near zero,indicating that the impact of public opinion disturbance on the market is short-term,the market is still effective in the medium and long term.This paper also studies the relationship between the cumulative excess rate of return and the total amount of public opinion information produced by listed companies during the event window period.Through mixed OLS regression,we find that increasing the total amount of public opinion information will reduce the cumulative excess rate of return,that is,the greater the amount of public opinion information,the greater the impact on the stock of enterprises.The study also shows that the positive rate of public opinion information is significantly negative to the cumulative excess return coefficient of Listed Companies in each window period,that is,the higher the positive rate of public opinion information is,the greater the decline of the cumulative excess return of listed companies' stock prices.We also find that news public opinion information and micro-blog public opinion information have significant negative effects on the cumulative excess returns of listed companies,indicating that investors attach great importance to news and micro-blog public opinion information about listed companies.The research shows that listed companies generally pay less attention to public opinion information,lack of supervision mechanism of public opinion information,improper information processing methods of public opinion,inadequate application of new media and other issues,so it is necessary to further improve the management and response ability of public opinion information to ensure the stability of the company's stock price and to ensure the good of enterprises.Good and sustainable development.Specifically speaking,the listed companies need to deal with public opinion information from five aspects: to establish the concept and mechanism of public opinion information management,to improve the skills of dealing with sudden public opinion information,to issue clarification statements clearly,accurately and timely,to expand the ways and channels of dealing with public opinion information,to persist in doing a good job of public opinion information management for a long time,and to put public opinion into practice.