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4121交易所网络互动平台是证交所构建的基于投资者与上市公司互动式沟通的新型投资者关系管理模式，也是公司履行信息披露责任的重要渠道。文章基于中国资本市场上特有的制度背景，考察网络平台互动是否存在治理效应。研究发现：网络平台互动强度越高，未来股价崩盘风险越低；作用渠道检验表明，网络平台互动强度通过提高信息透明度进而缓解股价崩盘风险；当上市公司回复越及时、回复字数越多时，两者负向关系更显著。拓展性分析表明，在分析师关注较低、媒体关注较低以及由非四大会计师事务所审计等外部信息环境较弱时，交易所网络互动平台能够发挥传统外部中介的补充治理效应；网络平台互动中管理层风险信息和竞争文化信息披露也能起到缓解股价崩盘风险的效果。文章从交易所网络互动平台的治理角度为推动我国资本市场效率提升、信息化视角下上市公司的信息披露监管转型提供了“落脚点”。
交易所网络平台互动能缓解股价崩盘风险吗？——基于管理层回复质量的异质性角度
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引用本文
陈华, 孙汉, 沈胤鸿. 交易所网络平台互动能缓解股价崩盘风险吗？——基于管理层回复质量的异质性角度[J]. 上海财经大学学报, 2022, 24(3): 92-107.
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