How does Online Communication Affect Stock Price Efficiency:A Mechanism Test Based on Investor Attention
Online communication system has opened up a two-way communication channel for listed companies and investors by optimi-zing the information dissemination process on both the sending side and the receiving side.This paper combines the data in the"ask board secretary"and"hot post"modules of Eastmoney,to measure the information release and reception,and test the function and im-plementation mechanism of online communication.First,the information release is measured by management replies.From the perspective of information value,this paper divides the replies into direct and indirect replies,and examines the impact of replies with different qualities on the stock price efficiency respectively.Further,we use investor attention to reflect information reception,and test the mechanism of online communication influencing the stock price efficiency.The results show that direct management replies will im-prove the stock price efficiency,but indirect replies will reduce it.The results of mechanism test show that direct management replies will increase investor attention,and further improve the stock price efficiency.In addition,it is found that in the impact of direct management replies on the stock price efficiency,investor information attention plays a stronger mediating effect than noise attention.
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