Research On The Interaction Between UGC And CGC

With the constantly changing and evolution of the Internet and the arrival of the big data era,more and more user-generated content has become a new hotspot in academia and industry.At present,number of literatures tends to explore the UGC concept,but only few of them investigate to the interaction between user-generated content and company generated content and the impact between each other.At the same time,with increasingly prosperous of stock market,corporate website is not only a tool for companies to show the image of the company,but also becomes company understanding window for many small and medium shareholders,thus website of the company could affect to the investment decisions of small and medium shareholders.User-generated content(UGC),company-generated content(company website)and small and medium-sized shareholders,what kind of interaction exist between them? How to design the company's website,in order to provide through CGC the better guide for investors to invest in the company? Several literature and related research make an attempt to answer these practical problems.Based on these related background,the starting point of this paper is through the modeling method provide an exploratory research.Present study collected data from the company's website,the user-generated content data from WEIBO,the shareholder data and financial data of the company from the TongHua Shun website.By constructing several models such as the Tobit model and the ordered probit model etc.,present study is discussed the interaction between UGC,CGC and the number of shareholders variables in a multi-dimensional way.The results show that if the company provides a wide range of real information,e.g.existence of recruitment information,existence of English version of website,information for investors,etc.would promote emerge of the WEIBO user-generated content,simultaneously positive impact on the number of shareholders.The theoretical significance of this study is to explore the interaction between CGC and UGC,and the impact on the number of shareholders of the company,which opens up a new research perspective for UGC and enriches the research of UGC.The findings of this paper can be used as reference for the design of the company website and how to influence to the investors.