| There are many types of violations of listed companies,including false information disclosure,inaccurate performance prediction,environmental damage,illegal reduction,and insider information disclosure.The violations include listed companies themselves,shareholders,holding companies,shareholding companies,and other related parties.On the one hand,corporate violations may directly harm the interests of small and medium shareholders.On the other hand,the company’s illegal behavior will increase its own credit risk and increase the difficulty of financing,thereby reducing investor confidence and leading to a decline in stock prices.Regardless of who the listed company violates,and what regulations are violated,the ultimate victims are small and medium investors.The violations of listed companies may have a huge negative impact on the financial market.Therefore,it is of great significance to study the characteristics and attributes of corporate violations and to understand the specific impact of listed companies’ violations on stock prices.The research perspective of the existing literature mainly focuses on the reasons and influences of corporate violations,and the use of Internet user-originated content as a proxy variable to study the impact of investor attention on the stock price caused by violations is rare.Through the research,it is found that how the stock price reacts to the violation of the listed company’s violations and how the investor’s attention affects the stock price after the violation.Based on the existing research,the paper uses the event research method to describe in detail the violations of listed companies and their stock price changes.The first step is to carry out descriptive statistics on the collected samples,to understand the distribution of the samples on various attributes and the trend of changes in time;the second step is to divide the event estimation period and window period,and calculate the sample period for each window.Daily average excess return rate and cumulative average excess return rate,and test whether it is significantly negative;the third step is to group test the whole sample,group according to different types of violation attributes,and repeat the two groups after each grouping.A one-step study and testing for differences between the two groups.In order to determine the impact of the violation of the disciplinary event on the stock excess return rate,in order to refine the stock price response to the violation of the disciplinary action,this paper cuts in from the perspective of investor attention,and studies the investment caused by the violation of the disciplinary incident.The impact of increased attention on stock prices.After comparing several Internet platforms,this paper finally selects the Oriental Wealth Stocks to obtain the required data,and uses python web crawler technology to obtain relevant data before and after the violations,and builds the stocks’ heat transfer rate index as the investor’s attention after the violation.Promoted proxy variable.After obtaining the stock data,the excess return rate of the company’s stock price on the second day of the violation event is the explanatory variable.The investor’s attention change is the explanatory variable,the violation event related indicator and the stock price index are used as the control variables.Multiple regression analysis to investigate whether the change in investor attention after the violation occurred has a significant explanatory power for the next day’s excess return.The final conclusions of this paper are as follows:First,the corporate violations have a significant impact on the company’s stock price,and the cumulative average excess return during the event window period is significantly negative.Second,after grouping the samples,there are two criteria that will be significant,whether the penalty is imposed and whether the SFC has imposed penalties.The difference between the two groups after the above two criteria is significant.Third,the increase in investor attention on the day of the violation announcement.There is a significant negative impact on the stock’s excess return on the second day.Based on the above conclusions,this paper proposes policy recommendations from the perspectives of small and medium investors,listed companies,and regulatory agencies.It is recommended that regulators focus on the abnormal changes in network public opinion after the occurrence of violations. |
