Research On The Impact Of Public Opinion On Stock Price Changes Caused By Changes In Executives Of Listed Companie

In recent years,the phenomenon of huge fluctuation of market opinion caused by "personnel earthquake" at home and abroad,which led to the impact of capital market,is common,whether the change of executives will make the market bearish or bearish,and what impact public opinion will have on the market value of listed companies is still inconclusive.It is of great theoretical and practical significance to explore the impact of social opinion generated by executive change events on the short-term market value fluctuation of companies,in order to enrich the study of major events of listed companies in China and strengthen the market value management ability of listed companies in crisis events.This paper selects 3,061 executive change events in five years of 1828 listed companies in A-share companies in the past five years as research samples,takes effective market hypothesis,information asymmetry theory and signaling theory as the theoretical basis,studies the impact of market opinion generated by executive change of listed companies on the market value of companies from the perspective of market opinion through text analysis method and event research method,and further analyzes the impact of different The impact of different types of executive change events and the mechanism of media sentiment on the change of cumulative excess return of companies are further analyzed.The following conclusions are drawn from the empirical evidence: the change of listed company’s executives usually generates negative public opinion sentiment on the market and at the same time brings negative impact on the company’s market value;the media attention of listed companies and the investor sentiment and media sentiment caused by executive change events have a significant positive relationship on the cumulative excess return of the company;the company type of listed companies,the different characteristics of the outgoing executives and the succeeding executives all make media attention and investor sentiment on the cumulative excess return of the company;the influence of media attention and investor sentiment on the cumulative excess return of the company is stronger and more significant when the listed company is a private company,the age of the changed executive is less than 50 years old,the successor executive comes from within the company and the type of successor is a full-time executive;when a change of executive occurs,investor sentiment has a stronger and more significant influence on media sentiment and the cumulative excess return of the listed company when the change of executive The mediating effect of media sentiment on the market value of listed companies through the influence of investor sentiment is significant,and the mediating effect accounts for about 21% of the total effect.In addition,based on the above research results,corresponding countermeasures and suggestions are proposed from the perspective of listed companies and individual investment.