Strategic Information Disclosure Of Industrial Linkage,Network Attention And Market Reaction

Industrial integration is the trend of China's economic development.Enterprises are increasingly closely related to other industries in the industrial chain.Listed companies disclose strategic information according to regulations.Such text information is not as intuitive as financial data,but occupies the space of annual report and has certain information content.It is a positive development behavior for enterprises to formulate industrial chain strategy and disclose industrial linkage strategic information.Studying the response of investors and capital market to industrial linkage strategic information will help to improve the internal governance and strategic implementation of enterprises,and then promote the integration of industrial chain.In order to explore the role of disclosure of industry linkage strategic information in the stock market and the impact on individual investors,this paper selects 2016-2018 energy A-share listed companies as a sample to study the stock market response of industry linkage strategic information in the annual report of listed companies,and explore the role of network attention in masking.Referring to the relevant provisions of the CSRC,this paper uses the method of text analysis to extract and sort out the content and quantity of the industry linkage strategic information disclosed in the annual report of listed companies and combines the stock trading data of the company.With the method of theoretical analysis and large sample empirical analysis,based on the theory of information asymmetry,the efficient market hypothesis,the limited attention of investors and other theories,the paper tests the relationship among industry linkage strategic information,network concern and market response.This paper finds that under the pressure of economic downturn,the disclosure of industry linkage strategic information will generally bring negative reaction to the capital market.The disclosure of the strategic target of the industrial chain will reduce the excess returns of enterprises in the long run,but the network attention will largely mask the negative effect.The level of information disclosure of the industrial linkage strategy and the disclosure of the strategic environment of the related industry will have a negative effect on the short-term and longterm excess returns of enterprises,and the network attention will reduce the negative effect in the long run.The increase of industrial linkage strategic information quantity and specific content will not influence the market reaction by arousing more network attention in the short term.The innovation of this paper is to focus on the description of industrial linkage in strategic information,extract the specific content and disclosure level of this information through reading and analyzing the annual report.This paper also verify the relationship among industrial linkage strategic information disclosure,investor behavior,and capital market response,further refine the conclusion of the relationship of information disclosure and capital market,and have certain breakthrough of research methods.The research results of this paper reveal the action principle of the industry linkage strategic information in the annual report of listed companies to the investors' behavior and capital market response in different periods,which provides the basis for the regulatory authorities to regulate the information disclosure of listed companies.It also helps the listed companies to improve the text information disclosure,and provides some reference for the exploration of the role of capital market in the industrial integration.