Research On The Influence Of Internet Public Opinion On The Interests Of Company Shareholders In Private Placement

With the rapid development of the Internet,social network platforms(online forum,blog,micro-blog,We-Chat,etc.)have become an important way for investors to obtain information,express opinions or emotions and exchange ideas.But in the process of information transmission and social interaction,it is often very easy to form an Internet public opinion with a wide range of influence,and investors' behavior and decisions,stock market conditions and stock prices will be affected accordingly.Since the private placement into the capital market in 2006,more and more listed companies have adopted this method to refinance.Private placement has become the dominant power of listed companies for equity refinancing in China.However,it has also brought many problems with it.So,what is the role of Internet public opinion in the private placement of listed companies? Will it affect the shareholders' benefit in the private placement? This paper selects the listed companies that have successfully implemented private placement from Shanghai and Shenzhen A-share main board market in 2012-2016 as the research sample,and the information release by micro-individuals on Sina microblog online platform as the starting point.After taking into account the three factors of public opinion tendency,degree of concentration and microblog's published quantity,a comprehensive evaluation index to measure the Internet public opinion is constructed,and manual screening,supplement,calculation and arrangement of the initial data.Based on this,we add shareholders' benefit as the interpreted variables and multiple control variables,and the impact of online public opinion on the benefit of shareholders in private placement and industry differences are empirical analyzed by applying the Multivariate linear regression model.The study found that in the private placement process,the Internet public opinion about company has a significant positive impact on shareholders' benefits.Regardless of whether the public opinion on the Internet is positive or negative,the benefits of major shareholders will increase,but the direction of movement will be different.Moreover,the greater the degree of positive or negative tendency,the more benefits will be transferred to major shareholders.In addition,although the Internet public opinion in private placements has a significant positive impact on the interests of shareholders in various industries,there are difference in the degree of influence.According to the degree of influence,it is followed by the information technology industry,manufacturing industry,energy industry and real estate industry.