Research On The Quality Of China’s Listed Companies’ Answers On The Investor Interaction Platform

In the past decade,the development of information technology has dramatically changed the amount,type,and mode of dissemination of information generated by companies.The emergence of social media has profoundly affected the company’s information environment.More participants can express their views on the company and widely disseminate these views,greatly enhancing the information capabilities of retail investors.Social media provides a broader source of information for the market and plays an increasingly important role in information dissemination.In order to strengthen the communication between listed companies and investors in China,and to protect the interests of investors,especially small and medium investors,China’s Shenzhen Stock Exchange and Shanghai Stock Exchange respectively launched the interaction between Shenzhen Stock Exchange and SSE “e” interactive investors.Platform,investors ask questions on listed companies on the platform,listed companies respond in time,and stock exchanges provide supervision.At present,scholars have studied the possible impact of the interaction between the new listed companies and investors on the capital market under the Internet conditions,and found that the interaction between listed companies and investors through this form of social media It has a certain relationship with the positive performance of the stock market.However,there are relatively few studies on the impact of the quality of interactive texts between listed companies and investors on stock liquidity,and the use of relatively high frequency data to study the quality of response to stock liquidity is not much research.In view of this,based on the availability of data,this paper analyzes the possible relationship between the quality of the text of the listed company’s response to the investor’s question and the company’s next day’s stock liquidity.The author first used python crawler technology to obtain the Q&A data of Shenzhen Stock Exchange and SSE “e” interaction between 2014 and 2017 listed companies and investors,and then used text analysis technology to obtain the effective number of characters for each reply of the listed company.The number of valid characters in all responses on the day is summed as a measure of the quality of the reply text.Then,the paper makes descriptive statistics on the quality of response according to time and industry,and combines the company’s stock transaction data with company financial data to empirically analyze the relationship between response quality and stock liquidity,and also studies different information environments.The difference between the quality of the listed company’s response to the improvement of stock liquidity,and the endogenous analysis and robustness test of the main effect.The results show that from the perspective of time,the exchanges between listed companies and investors are more active in the disclosure of the annual report,and the average quality of listed companies is higher.From the perspective of industry distribution,listed companies in the information technology industry are on the interactive platform.The quality of the reply is higher;through the regression of the quality of the return and the liquidity of the stock,it can be found that the quality of the response of the listed company on the investor interaction platform has a significant positive relationship with the liquidity of the company’s stock the next day.The higher the liquidity of the stock on the second day,the higher the liquidity of the stock on the second day.The relationship between the quality of the listed company’s recovery and the liquidity of the stock in different information environments is found.In the case of a better corporate information environment,the quality of the stock returns to the stock flow.The effect of sexual ascension will be reduced;finally,the endogenous analysis and robustness test of the research results show that the research results have certain reliability.The research ideas and contents of this paper are as follows: Chapter 1: Introduction.It is mainly the presentation of research questions,focusing on the research background,research significance,research content and methods of this paper and the innovation of this paper.Chapter 2: Literature review.This chapter summarizes the research on the relationship between information asymmetry and stock liquidity,the research on the impact of new media on capital market,the research on the impact of listed companies and investors on market interaction,and the research literature on the quality evaluation of community question and answer responses.It provides inspiration and ideas for the research of this paper.Then review the existing research and draw the research enlightenment.The third party: theoretical basis and research hypothesis.This paper uses economic theory and management theory to explain the quality of the response of listed companies from different aspects.Then the research hypothesis of this paper is put forward.Chapter 4: Model Construction and Data Selection.This chapter introduces the data source and the selection of variables in this paper,and designs the research model based on the research hypothesis.Chapter 5: Empirical Test and Analysis.This chapter conducts an empirical test of the research hypothesis.First,the descriptive statistics of the research variables are carried out,and the quality of the listed company’s response is described in more detail.Then the person correlation coefficient test was carried out on the research variables,and the multiple linear regression of the research variables was carried out.Finally,the endogenous analysis and robustness test were carried out.The results show that the conclusions of this paper have certain reliability.Chapter 6: Research conclusions and prospects.This chapter summarizes the conclusions of this study and analyzes the shortcomings of this paper and the prospects for subsequent possible research.