Research On Impact Of Investor Attention On Company Value Based On Web Search

Investor attention is an important characteristic of stock market,and it directly reflects the degree of attention of investors to a listed company in the stock market.There are a lot of discussions between investor attention and stock market.To a certain extent,the performance of the stock market reflects the intrinsic value of the company.It has an important practical significance to search the impact of investor attention on company value.Firstly,this paper introduced the concept of investor attention and company value.Then we made systematic review and clarification about the related theory of them.We analyzed their relationship by the change of the investor attention and the change of China's company value.We also analyzed the influence action mechanism of the investor attention to the company value.By using a sample of A-share listed manufacturing companies from 2012 to 2015,and panel data model,this paper investigated the impact of investor attention on company value.In order to make research results more reliability and robustness,this paper used a new measure of the company value.In addition,we also selected the one lagged investor attention as a new control variable.The result showed that investor attention based on Web search had a positive impact on company value.The result also showed that investor attention had different impact directions on company value.This paper held that it was due to the different calculation methods of the two kinds of measurement indicators.Finally,we came up with several practical proposals of increasing the company value according to the conclusions of the paper.We believe that the listed companies should take more care about the investor's different needs,establish the monitoring mechanism for the investor attention and has a proper use of investor attention.This paper can help the management of the company to realize the role of investors in corporate governance.It provides a new way of thinking for the company managers to improve the corporate governance capability.And it will be useful to improve the corporate governance and the healthy growth of listed companies.