School of Economics, Hebei University of Economics and Business, Shijiazhuang, Hebei, China.
The Hebei Collaborative Innovation Center for Urban-rural Integrated Development, Shijiazhuang, Hebei, China.
PLoS One. 2024 Sep 6;19(9):e0308160. doi: 10.1371/journal.pone.0308160. eCollection 2024.
This paper investigates the impact of online interaction between investors and enterprises on stock liquidity, using data from A-share listed companies in China from 2010 to 2021. Firstly, our findings reveal that more frequent interaction leads to better stock liquidity, and this result remains consistent across various robustness tests. Secondly, we observe that the expected tenure of senior executives and the ratio of institutional investor ownership exert a significant moderating effect on this relationship. Thirdly, this effect varies across enterprises at different development stages and with different ownership structures, being more pronounced in growing and privately-owned companies. Furthermore, this paper finds an inverted U-shaped relationship between reply length and stock liquidity, indicating that excessively long replies may introduce noise and negatively affect liquidity. This study provides new insights into how online interactions can improve market efficiency and offers practical implications for corporate governance and investor relations.
本文利用 2010 年至 2021 年中国 A 股上市公司的数据，研究了投资者与企业之间的在线互动对股票流动性的影响。首先，我们发现更频繁的互动会导致更好的股票流动性，这一结果在各种稳健性检验中仍然一致。其次，我们观察到高管的预期任期和机构投资者持股比例对这种关系有显著的调节作用。第三，这种效应在不同发展阶段和不同所有制结构的企业之间存在差异，在成长型和私营企业中更为明显。此外，本文还发现回复长度与股票流动性之间呈倒 U 型关系，表明过长的回复可能会引入噪音并对流动性产生负面影响。本研究为在线互动如何提高市场效率提供了新的见解，并为公司治理和投资者关系提供了实际启示。
