【作者】 王征；

【导师】 周耿；

【作者基本信息】 南京大学 ， 政治经济学， 2021， 硕士

【摘要】 本文整理了深交所“互动易”平台上2010-2019年度投资者与上市公司问答互动的沟通文本信息,运用文本向量法和腾讯云自然语言处理技术研究了互联网沟通与股价崩盘风险之间的关系,研究发现:(1)沟通信息质量对股价崩盘风险具有负向作用,即沟通信息质量的提升有助于降低股价崩盘风险。(2)提问详细度对股价崩盘风险有正向作用,即提问详细度越大,股价崩盘风险越大。(3)回复详细度对股价崩盘风险有负向作用,即回复详细度越大,股价崩盘风险越低。(4)投资者负面情绪具有正向作用机制,即其增强会加剧股价崩盘风险,而公司负面情绪与股价崩盘风险无显著关系。(5)沟通信息质量对于回复详细度的作用机制具有正向的调节效应,即可以增强其对股价崩盘风险的影响;对于提问详细度和投资者负面情绪的作用机制,沟通信息质量能够产生负向的调节效应,即沟通信息质量能够削弱其对股价崩盘风险的影响。因此,相关监管机构应该要求上市公司进一步提升自身披露信息的质量以及发挥好证券公司等金融服务机构在稳定投资者情绪、培养投资者理性投资观念等方面的作用,进一步降低股价崩盘风险。更多还原

【Abstract】 This article analyzes the relationship between internet communication and the risk of stock price collapse by collating the communication text information between investors and listed firms on the Shenzhen Stock Exchange’s "Interaction" platform from 2010 to 2019,using text vector methods and Natural Language Process technology.The research found the following :(1)The quality of communication information has a negative effect on the risk of stock price collapse,that is,the improvement of the quality of communication information helps reduce the risk of stock price collapse.(2)The detail level of questions has a positive effect on the risk of stock price collapse,that is,the greater the detail level of the question,the greater the risk of stock price collapse(3)The degree of response detail has a negative effect on the risk of stock price collapse,that is,the greater the response detail,the lower the risk of stock price collapse.(4)Negative investor sentiment has a positive effect on the risk of stock price collapse,that is,its enhancement will increase the risk of stock price collapse.The risk of stock price collapse is significantly uncorrelated with the company’s negative sentiment.(5)The quality of communication information has a positive moderating effect on the mechanism of response detail,that is,it can enhance its impact on the risk of stock price collapse;the quality of communication information has a negative moderating effect on the degree of detail of questioning and negative investor sentiment affecting the risk of stock price collapse,that is,the quality of communication information can weaken its impact on the risk of stock price collapse.Therefore,the related regulatory authorities ought to require listed firms to enhance the quality of information disclosure and give full play to the role of securities companies and other financial service institutions in stabilizing investor sentiment and cultivating investors’ rational investment concepts,so as to further reduce stock price crash risk.更多还原