| With the continuous development of network technology,network communication platforms have become an important channel for communication among all parties involved in the stock market.The emergence of online communication platforms can allow investors in the stock market to obtain more specific information related to listed companies,improve the efficiency of information transmission in the stock market,and reduce the synchronization of stock prices.In 2010,Shenzhen Stock Exchange launched an interactive platform,and launched its mobile app in 2014.In 2013,Shanghai Stock Exchange launched the "Shanghai Stock Exchange e Interactive" platform.Investors can use these two online communication platforms to ask questions or make suggestions.Listed companies can use the online communication platform to grasp market information,and regulators can use the online communication platform to achieve market-based supervision.The emergence of these two network communication platforms and their subsequent optimization have provided a platform for exchanges and communication between all parties involved in the Chinese stock market,and improved the efficiency of information transmission.This article first uses python to crawl the questions and responses on the two platforms of Interactive Easy and e Interactive,and found that the network communication platform has different characteristics at different stages of development.This article takes the launch of the Shenzhen Stock Exchange's interactive platform,the Shanghai Stock Exchange's launch of the e-interactive platform,and the Shenzhen Stock Exchange's Interactive Easy Platform mobile app has been widely used as three events,and uses the DID model to analyze them separately.Through empirical research,this article found that: after the launch of the e-interactive platform,the stock price synchronization of the listed stocks on the Shanghai Stock Exchange has been significantly reduced;after the launch of the mobile app of the interactive easy platform,the stock price synchronization of the Shenzhen Stock Exchange's listed stocks has been significantly reduced.Therefore,this article believes that the launch of the network communication platform and its subsequent continuous optimization can improve the efficiency of information transmission in the stock market and reduce the synchronization of stock prices.Therefore,this article puts forward policy recommendations in a targeted manner:Regulators should further optimize the network communication platform to make it more functional and convenient to use,and to carry out investor education based on the network communication platform,and listed companies should take the initiative to use the network communication platform.Information disclosure,in order to achieve a further reduction in the synchronization of stock prices in stock market,and improve the efficiency of information transmission in the stock market. |
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