Research On The Governance Of Negative Public Opinion Of Listed Companies Against Abnormal Stock Price Fluctuation

At present,with the rapid development of network new media,we media represented by douyin and QQ has become the main media of public opinion communication.Internet public opinion events also increased sharply,in which negative Internet public opinion accounted for a large proportion and spread rapidly,and its impact on listed companies and their value gradually increased,which is worthy of our attention and research.In 2019 alone,there were dozens of negative public opinion events of listed companies,such as "Kangmei pharmaceutical’s 30 billion financial fraud"(April 2019),"visual China black hole event"(April 2019),"Qiaqia melon seed sulfur dioxide exceeding the standard"(August 2019),which aroused widespread concern in the society.Based on the literature review at home and abroad,this paper defines the concepts of abnormal stock price fluctuation and negative public opinion.Based on the effective market theory,herd effect theory,investor sentiment theory,and corporate reputation theory,and combined with the analysis of sample cases,this paper puts forward the research hypothesis that negative public opinion affects the abnormal fluctuation of stock price,including the blog attribute of negative public opinion,the emotional attribute of negative public opinion group and the relevant attributes of the company involved in the event,which are the authority of the first subject of public opinion The impact of public opinion heat,netizens’ negative emotional tendency,the nature of public opinion events,anti-risk ability,intervention attitude,intervention timing and intervention intensity on stock prices.Then,this paper selects 30 negative public opinion events of listed companies since 2018 as samples,crawls and preprocesses the relevant data such as original blogs,comments,and media blogs related to public opinion of these 30 case samples,and quantifies the explained variables,explanatory variables,and control variables.According to the authority of the first public opinion subject,the nature of public opinion events and intervention attitude,the assignment method is used for numerical quantification;Entropy method is used to calculate the heat of public opinion;According to the negative emotional tendency of Internet users,the emotional polarity of the comment text is analyzed and calculated based on the emotional dictionary,and the degree of group polarization is obtained.Finally,a multivariate linear regression model of negative public opinion affecting abnormal stock price fluctuations is constructed,and seven indicators are obtained: the authority of the main body of negative public opinion,the negative emotional tendency of netizens,the intervention attitude,the timing of intervention,the intensity of intervention,the nature of public opinion events,and the popularity of public opinion.Key factors of abnormal stock price volatility of listed companies,and the robustness of the model is verified through empirical analysis.In recent years,negative Internet public opinion events of listed companies occur frequently.It is an urgent task for the government and listed companies to control negative public opinion.From the perspective of dealing with negative public opinion,this paper identifies the key factors of negative public opinion affecting the abnormal fluctuation of stock price of listed companies,so as to provide reference for listed companies to put forward targeted governance measures in case of negative public opinion events.