Internet public opinions, response and listed firms' information efficiency
TIAN Gaoliang1,2, SI Yi3, QIN Ling1,2, YU Zhongbo4
1. School of Management, Xi'an Jiaotong University, Xi'an 710049, China; 2. Center for Management Teaching Experiment, Xi'an Jiaotong University, Xi'an 710049, China; 3. School of Management, Xiamen University, Xiamen 361005, China; 4. Research Institute, Shenzhen Stock Exchange, Shenzhen 518000, China
Abstract：Recently rising internet public opinions have been bringing profound influences to the capital market, as well as new challenges to regulators and listed firms. Using 1,325 questionnaires collected by regulators, this study empirically tests whether and how listed firms' response to the internet public opinions (hereafter RIPO for short) can affect information efficiency in the capital market. This study document that public opinion crisis results in current-year stock price crash and reproduction from the we-media will magnify the negative effect to the stock price, but firms that emphasize and invest more in the RIPO can decrease the negative effect. Listed firms can spread the firm-specific information to the capital market to lower the stock price synchronicity and the probability or magnitude of future stock price crash by emphasizing and investing in the RIPO. The conclusions we draw from this study show that RIPO can increase the information efficiency in the capital market, RIPO is not a beauty-show project, but play a pragmatic role in the capital market. This study also shows practical significance to perfect the information management system and improve the transparency of the capital markets.
田高良, 司毅, 秦岭, 于忠泊. 网络舆情及其应对与上市公司的信息效率[J]. 系统工程理论与实践, 2018, 38(1): 46-66.
TIAN Gaoliang, SI Yi, QIN Ling, YU Zhongbo. Internet public opinions, response and listed firms' information efficiency. Systems Engineering - Theory & Practice, 2018, 38(1): 46-66.
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2018, Vol. 38 
