摘要 为探究社交媒体负面传闻对股市的影响和澄清效果,选取2017-2019年中国上市公司226个样本,采用事件法和多元回归模型进行实证检验。研究结果发现:社交媒体上的负面传闻导致股票异常收益为负,其对公司股价的影响较传统媒体相比较弱,澄清公告对股价的恢复作用更明显;澄清公告发布的及时性和公司声誉对恢复股价具有显著的正向影响。本文为我国上市公司、股市监管和投资人应对社交媒体负面传闻提供理论指导和建议。 In order to investigate the effect of negative rumors from social media on the stock market and the role of clarification announcements,this paper analyzes 226 announcements against negative rumors issued by Chinese listed firms in 2017-2019 by using the method of event study and the multiple regression model.The results show that the negative rumors from social media will lead to negative abnormal returns,which have less influence on stock prices than traditional media does,and clarification announcements have a more obvious role in the recovery of the stock prices,and that prompt clarification announcements and company reputation have significantly positive impacts on the recovery of stock prices.The study provides theoretical guidance and advice for Chinese listed firms,stock market regulators and investors to deal with negative rumors from social media.
机构地区 西安工业大学经济管理学院 西北大学经济管理学院
出处 《西安工业大学学报》 CAS 2021年第1期103-109,共7页 Journal of Xi’an Technological University
基金 教育部人文社科基金(18YJA630078) 陕西省社科基金(2019S036) 陕西省自然科学基金(2019JM329) 陕西省教育厅专项科研项目(18JK0365) 西安工业大学校长基金(XAGDXJJ8012)。
