The Research On Social Media,stock Pricing And Enterprise Innovation

Under the background of China's vigorous advocacy of "mass entrepreneurship and innovation",this paper is based on the social media "Hudongyi",an online interactive platform based on Web2.0 platform(micro-blog model)launched by shenzhen stock exchange.Through event study empirical research on the enterprise and individual investors for relevant enterprises "innovation" for enterprise information communication,the influence of stock price changes on the basis of on "innovation" for enterprise information communication efficiency and communication content quality degree is different,the impact of stock price changes to the enterprise is studied.We expect that the communication between enterprises and individual investors on the information related to innovation has a positive impact on the stock pricing of enterprises,and the shorter the communication interval and the higher the quality of the communication content will be more beneficial to the stock pricing.Past research of market effectiveness discussions from the enterprise information disclosure and more investors to acquire and comprehension ability,based on the perspective of information communication and communication efficiency,the market efficiency,and on this basis in order to "innovation" information for introduction,communication efficiency and quality of communication content as the study of the influence factors of stock price.By summarizing relevant literature,establishing models and collecting data,we took relevant data of Shenzhen stock exchange gem from 2016 to 2018 as research samples,and demonstrated the theory and hypothesis of this paper with the research methods of event study and regression analysis.We found that through the "interactive easy" platform,both individual investors asked questions about the innovation information of enterprises,or enterprises conducted online interpretation and communication on their own innovation,the stock price of enterprises showed significant positive changes in the short term.On this basis,the time interval between the interpretation of innovation information on the "Hudongyi" platform has a negative impact on the stock price,while the interpretation of innovation information on the "Hudongyi" platform has a positive impact on the stock price.From the theoretical level,based on the development of information technology,this paper improves the way of information communication between enterprises and investors,thus improving the ability of investors to obtain and interpret information,empirically analyzes the relationship between the way of communication and information efficiency,and to some extent improves the theory of "efficient market".In addition,this paper makes a research on the investment behavior from the perspective of investors' bounded rationality under the background of Chinese social and cultural concepts,institutional environment and personality differences,and complements the research on the influence of investors' bounded rationality on stock pricing in the capital market.Based on the practical level,innovation is the key to a country or regional economic development,in this article,through exploringinformation communication effect on stock price,in turn,effect on the level of enterprise innovation,can help enterprises to alleviate the problem of financing constraints in enterprise innovation,to understand the influence factors of enterprise innovation,to a certain extent,enlightenment and is advantageous to the enterprise to improve innovation level.The internet-based communication platform is an innovative move in the management interaction of Chinese securities market.Whether such institutional innovation can have a positive impact on the market and achieve the purpose envisioned by the securities regulatory authorities needs to be evaluated by researchers from different perspectives.This paper examines the function of the system innovation from the perspective of market information efficiency,which is helpful for people to understand the market effect of the system more accurately.This paper also improves and expands the related literature in the general aspects of research design and research conclusion.