An Empirical Study On The Impact Of Stock Ruroms And Clarification Of Strectary Of Board On Stock Prices

As the use of online interactive platforms is becoming more and more widely used,the "interactive easy" of the Shenzhen Stock Exchange and the "Shanghai e-interaction" of the Shanghai Stock Exchange provide listed companies with an efficient and efficient investor interaction platform.The rumors circulating in the online interaction platform Investors and related listed companies will have a profound impact.In order to improve the help of the online interactive platform for investors and listed companies and reduce the damage caused by the rumors to the stock price,it is necessary to clarify how the rumors in the online interactive platform and clarification reply of Secretary of the Board will affect the stock price.This article selects 2017 from the social platform of listed companies and investors launched by Dongfang Wealth Network-"Ask Dong Mi"(the data are all from "Shenzhen Stock Exchange Interactive Exchange" and "Shanghai e Interactive")through the keyword "rumors".From January 1st to December 31 st,2019,rumors related to listed companies in China's A-share market and clarification reply of Secretary of the Board samples were taken as research objects.Event research method and multiple empirical analysis are used to explore the influence of rumors on stock prices,and then to observe response of Secretary of the Board to the rumors to explore the effectiveness of clarification.The following conclusions can be drawn from the analysis: the rumors of listed companies proposed by investors in the online interactive platform will cause their stock prices to fluctuate significantly.Among them: good rumors have a positive impact on stock prices,and bad rumors have a negative impact on stock prices.When the listed company's director secretary clarified the rumors raised by investors positively,the effectiveness of the abnormal stock price fluctuations caused by the calm rumors was significantly stronger than that of the secretary's perfunctory reply.The faster the secretary's reply to the rumors,the better the clarification effect.This article has demonstrated the influence of rumors in the online interactive platform on stock prices,and made relevant recommendations to investors,listed companies and regulatory authorities.Investors should rationally view the rumors circulated on the online platform and always pay attention to the relevant clarification answers given by Secretary of the Board to,so as to better cope with the impact of rumors on stock prices,listed companies should actively communicate with investors through the online interactive platform,Timely and positively explain the relevant rumors,and then guide investors to make rational decisions;in addition to the information disclosure review,the regulatory department needs to strengthen the supervision of the network interactive platform,and should spread false news in the network interactive platform.