The Influence Of The Network Interaction Between Listed Companies And Investors On The Stock Performance

With the maturity of China's capital market,the level of market supervision and investors has also improved.This leads to higher requirements for information disclosure and dissemination.The increasingly developed Internet platform has become an important means to meet this demand.Benefiting from the characteristics of rapid,low cost and wide coverage of network technology,enterprise information publishing,media news reports,and mutual exchange of investors have gradually turned to the network platform.This transformation has made the network platform the main channel of information dissemination in the capital market.Under the situation that the current capital market is unable to meet the full hypothesis of market effectiveness,investors are not fully rational and the market information is inhomogeneous and inadequate,making the capital market a number of financial anomalies that can not be explained by many traditional factors.Therefore,scholars have gradually turned to the research on the capital market based on behavioral finance and information asymmetry,and gradually began to explore the use of network information in the aspects of investor concern and investor relations management,and put forward some theoretical hypotheses.Network interaction is essentially a process of information exchange between participants in the capital market.This process covers the whole process of investors' concern about investor relations management.The results of the interaction will affect the understanding and attitude of the investors to the information and the attitude of the company,and lead to the changes in the behavior of investment decision,which is finally reflected in the market performance of the stock.In the first chapter,the background,purpose and significance of the research are clarified,the research situation in the related fields is combed,the contents and methods of the research are determined.The second chapter summarizes the theory of effective market hypothesis,capital pricing,information asymmetry,concern and investor relations management,and puts forward the hypotheses in combination with the theoretical analysis.The third chapter gives a detailed introduction to the data sources,variable design and model construction,and the fourth chapter carries out a detailed empirical test based on the hypotheses and data,validates the impact of the different aspects of the interaction on the performance of the stock,analyzes the empirical results,and puts forward relevant policies.Suggestions.On the basis of the traditional finance,behavioral finance and information economy theory,and combining the latest research results of investor concern and investor relationship management,this paper derives the hypothesis that network interaction affects stock performance,and makes use of the interactive data of "the interaction of Shenzhen Stock Exchange" to affect the performance of the stock.A detailed empirical study is carried out to explain and explain its internal impact mechanism,which provides a reference for future academic research and the participation of all parties in the market.