The Influence Of Network Public Opinion On Enterprise Value

After more than ten years of development,the growth level of China’s Internet scale has caught the world’s eye,and the network has become an integral part of the current real world.In this process,many listed companies seized the opportunity to successfully obtain the Internet dividend brought by the Internet development based on the transformation and upgrading strategy and became "rich".A large number of listed companies in the Internet,cultural entertainment,retail and other industries welcomed new development opportunities by virtue of the advantages of production and operation and network integration.On the one hand,online public opinion can facilitate the information dissemination and resource sharing of enterprises,expand the publicity channels of enterprises,and narrow the distance with users;On the other hand,the bad online public opinion information about enterprises,such as online rumors,negative news,fraud information,has brought great challenges to the management of corporate public opinion.More importantly,the negative network public opinion may have a very bad impact on the business environment of enterprises,especially the entertainment enterprises that are highly bound to the network,which will cause a variety of problems such as the decline of enterprise stock prices,reputation damage,financing obstacles,and marketing difficulties,thus leading to a rapid decline in enterprise value.Therefore,more and more researchers begin to pay attention to the impact of online public opinion on enterprise value.From the existing research,the main limitations of the current research are: First,the division of the dimensions of online public opinion is not comprehensive enough.The existing research mainly analyzes the impact of online public opinion on enterprise value by quantifying its emotion,but does not analyze the impact of online public opinion in combination with other attributes.Second,the quantification of online public opinion is not detailed enough.At present,most researches only make positive and negative classifications of online public opinion emotion.This two classification can indeed reflect the position of online public opinion,but different online public opinion information with the same position will also show different emotional intensity.The measurement of emotional value is also a key factor in analyzing the impact of online public opinion on enterprise value.Third,existing research shows that the impact of online public opinion on enterprise value is not direct and linear,and it is difficult to fully reflect the impact effect by focusing only on the path that online public opinion directly affects enterprise value.Therefore,in order to verify which aspects of online public opinion can affect the external value and internal value of the enterprise,what mechanism does online public opinion use to change the enterprise’s operating and financing environment,and what factors can indirectly affect the enterprise’s value.Based on this,this paper takes behavioral finance theory,signal transmission theory,information asymmetry theory as the theoretical basis,and 3.7 million microblog online public opinion data of listed companies in the entertainment industry as the basis,divides online public opinion into three dimensions: emotion,scale,and influence,respectively,to verify the direct and indirect impact of each dimension on enterprise value,By combining convolutional neural network(CNN)and emotion dictionary,we can get the emotion index of network public opinion,quantify the three dimensions of network public opinion in an innovative way,and study the direct impact of each dimension of network public opinion on enterprise value.According to previous studies,online public opinion can affect investors and creditors’ judgments of business expectations,and thus affect the value of enterprises.Therefore,it is concluded that financing constraints and investor reactions are added to the impact path as intermediary variables,and it is verified that network public opinion affects financing constraints and investor reactions,and then affects the transmission path of enterprise value.Finally,the paper analyzes enterprise scale and corporate reputation as moderating variables,and verifies the moderating effect of online public opinion on enterprise value effect.The results show that: first of all,the magnitude of some attributes in online public opinion can change the value of enterprises.The stronger the positive emotion of online public opinion is,the more it can promote the improvement of enterprise value.On the contrary,the enterprise value shows a decrease.At the same time,the scale of online public opinion can expand enterprise exposure and improve enterprise value.The influence of online public opinion does not have the same impact on enterprise value as expected.With the development of the network,the quality of Internet users is also improving at the same time.The impact of opinion leader effect is far less than before,so the impact of online public opinion influence is not reflected.Further research shows that financing constraints can play an obvious intermediary role,so online public opinion can affect stock prices and financing through investors and creditors,and then drive changes in internal and external values of enterprises.Investor reaction also plays an intermediary role.The information transmitted by the network public opinion release signal is also a key influencing factor on the company’s stock price,which can significantly affect the trading heat of the company’s stock,thus causing changes in the stock price volatility and the internal value of the company.In terms of regulatory factors,enterprise scale and company reputation are the key factors for enterprises to resist the risk of online public opinion.The larger the enterprise scale,the stronger the risk resistance ability,which can reduce the impact of negative online public opinion and reduce the impairment of enterprise value.Similarly,the trust of stakeholders brought by company reputation can also reduce the impact of negative online public opinion.Compared with the existing research,the main theoretical contributions of this paper include: First,expanding the theoretical research direction of the impact of online public opinion on enterprise value.The existing research on the impact of online public opinion on enterprise value is still relatively scarce,most of which are based on the impact of enterprise operation,finance,environment and other aspects on enterprise value.This paper enriches the research direction of influencing factors of enterprise value from the direct and indirect impact of network public opinion on enterprise value.Secondly,it enriches the measurement methods of online public opinion.Based on the research in the fields of communication,information science and economics,this paper divides online public opinion into three dimensions:emotion,scale and influence,and constructs a variety of quantitative methods such as emotion analysis method combining convolutional neural network and emotion dictionary and analytic hierarchy process to quantify the three dimensions respectively,further enriching the measurement methods of online public opinion.Third,reveal the transmission path of the impact of online public opinion on enterprise value.Based on behavioral finance theory,information asymmetry theory,signal transmission theory and other classic theories,this paper analyzes the impact of online public opinion on financing constraints of listed companies and investor responses,and then acts on the transmission path of enterprise value,which can systematically reveal the impact of online public opinion on enterprise value from multiple levels,and further expand the depth of research in the field of online public opinion on enterprise value.Fourth,it summarizes the regulatory factors that regulate each dimension of online public opinion.By summing up previous research experience,it is found that enterprise scale and company reputation have a moderating effect on the ability to influence online public opinion,and through hypothesis testing,it is verified that enterprise scale and reputation can reduce the public relations management problems when facing negative public opinion events,but also reduce the enterprise value brought by the development of positive online public opinion.The management suggestions are: first,enhance the risk awareness,establish a modern enterprise network public opinion management system,and improve the enterprise network public opinion environment.Listed companies should attach importance to corporate news publicity and public opinion guidance,and establish a public opinion management team,monitoring and disposal mechanism based on their own corporate framework and business characteristics.Second,improve the enterprise’s ability to resist network public opinion risks,establish scientific and standardized emergency response procedures,upgrade the enterprise public opinion information collection system,and improve the quality of enterprise personnel from the inside.Third,improve relevant laws and regulations to protect the enterprise network marketing environment.The government departments should shoulder the responsibility to guide media reports objectively and realistically and the main responsibility of public opinion supervision,especially to strengthen the exploration of public opinion supervision on new media such as the Internet,so as to create a good online marketing environment for enterprises.Fourth,we should establish a correct concept of public opinion and morality among netizens,and help public opinion regulators to build morality through the combination of dredging and blocking.In case of positive or negative sentiment tendency of public opinion,the enterprise should cooperate with the public opinion regulatory authority to reduce the impact of online public opinion on the enterprise value by correcting itself or guiding the development direction of public opinion in a timely manner.