更多的在线互动,更多的股票流动性:--来自中国证券交易所在线互动平台的证据
Kun Zhang1,2,3, Zhenyi Hu1, Jianfei Shen4
1School of Economics, Hebei University of Economics and Business, Shijiazhuang, Hebei, China.
PloS one
|September 6, 2024
概括
增加在线投资者与企业的互动增加了股票流动性. 然而,过于长的公司回复可能会对这种效应产生负面影响,这表明改善市场效率的细微关系.
科学领域:
- 金融 金融 金融 金融 金融
- 公司治理 公司治理
- 市场微观结构 市场微观结构
背景情况:
- 在线投资者-企业沟通正在增长.
- 它对股票流动性的影响需要进一步调查.
- 了解这种关系对于市场效率至关重要.
研究的目的:
- 检查在线交互频率对股票流动性的影响.
- 分析执行职位和机构所有权的调节作用.
- 根据公司发展阶段和所有权结构,探索这种效应的变化.
主要方法:
- 对中国A股上市公司 (2010-2021) 的实证分析.
- 回归分析用于评估在线互动对股票流动性的影响.
- 稳定性测试和调节效应的检查.
主要成果:
- 更高的交互频率与股票流动性有积极的相关性.
- 执行职位和机构所有权调节了这种关系.
- 这种效应在成长中的私人企业中更为明显.
- 在回复长度和流动性之间存在一个反转的U形关系.
结论:
- 在线互动可以提高股票流动性和市场效率.
- 公司治理策略应考虑互动动力学.
- 量身定制的沟通方法对不同类型的公司有好处.
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