散户投资者互动的决定因素及经济后果——基于“互动易”和“上证e互动”平台的实证证据

This project examines the determinants and economic consequences of the interaction between retail investors and companies in China. The importance of retail investors in stock market has been widely recognized in many countries. However, most of the existing literature focus on the communication between institutional investors and management, while few discuss the interaction between retail investors and companies. Using the unique data of “Hudongyi” and “Shangzheng e-hudong”, this project first describes the current situation of information communication on the investor interaction platforms through quantitative and textual analyses in a comprehensive and systematic way, then explores the differences between retail investors and institutional investors in terms of information acquisition and interest, and further studies the key determinants of information demand of retail investors. In addition, this project investigates the impact of retail investor interaction on corporate governance, focusing on whether more retail investor interaction can encourage more small investors to vote in the annual shareholder meeting and help to detect and prevent the fraud behavior of listed companies. Finally, by utilizing the different launch time of two platforms in Shenzhen and Shanghai Stock Exchange as exogenous shocks, this project examines how retail investor communication affect managerial myopia. This project will help to understand the information demand of retail investors, evaluate the economic consequences of investor interaction platforms, and provide policy suggestions in China.

本课题研究我国散户投资者与公司互动的决定因素及经济后果。尽管散户在多国证券市场的重要作用已成共识，然而，国内外现有文献大都集中在机构投资者与管理层的沟通，鲜有文章探讨散户投资者与公司的互动。利用“互动易”和“上证e互动”平台的特殊数据，本课题首先通过对投资者互动平台的信息沟通现状进行全面系统的定量分析和文本分析，探索散户与机构投资者在信息获取及关注角度的异同，并进一步研究散户投资者信息需求的关键影响因素。此外，本课题研究散户投资者互动对公司治理的影响，重点探讨散户更多的参与在线互动是否增加中小股东投票的积极性，以及是否有助于发现和阻止上市公司的违规行为。最后，借由深交所和上交所在不同时间推出投资者互动平台作为外生冲击，研究散户投资者互动如何影响经理人短视行为。本课题的研究有助于深入了解散户投资者的信息需求，以及评价中国推出投资者互动平台的经济后果，为信息披露政策制定提供参考依据。

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