【摘要】 以开通新浪微博的中国沪深两市主板A股上市公司2011年1月—2017年6月发布的负面事件回应类微博为研究样本，探讨了中国上市公司运用社交媒体进行负面事件回应的策略及其对投资者的影响。研究发现：(1)相较于积极的回应策略，消极的回应策略能产生更好的市场反应；(2)在积极回应策略中，否定策略和转移视线策略能带来较好的市场反应，认错策略其次，最后是辩解策略；(3)企业声誉会影响回应策略和市场反应的关系，即相较于消极回应策略，声誉较高的企业采取积极的社交媒体回应策略时，能引起更好的市场反应；(4)相比于节假日，企业在非节假日对负面事件进行回应会产生更好的市场效果。更多还原

【Abstract】 This paper takes the response of A-share listed companies on the main board of Shanghai and Shenzhen stock markets to their negative events via their weibo account from 2011 to June 2017as the research sample,and discusses their strategies in responding to negative events on social media and their influences on investors.The research findings are as follows:(1)compared with the positive response strategies,the negative non-response strategies can produce better market reaction;(2)among positive response strategies,the denial strategy and the diversion strategy can bring better market reaction,followed by the confession strategy while the last is the defense strategy;(3) corporate reputation plays a moderating role in the relationship between response strategies and market reaction.In other words,compared with negative non-response strategies,companies with high reputation can get better market reaction when they adopt positive response strategies on social media;(4) compared with holidays,companies’response to negative events in non-holidays will produce better market reaction.Our research deepens the understanding of how companies proactively manage social media to influence investor expectations.更多还原