On the Protection Effect of Interactive Information Communication on the Interests of Small and Medium-sized Investors——Empirical Evidence From the"Interactive E"and"Shanghai Stock Exchange e-Interactive"Platforms
Under the new situation of the capital market registration system reform,it is urgent to optimize the protection of the ecosystem for small and medium-sized investors,and the importance of interactive information communication is increasingly evident.The article examines the actual effect and reasons for the protective effect of interactiveinformation communication on the interests of small and medium-sized investors.The results show that the higher the degree of interactive information communication in China,the worse the protective effect on the interests of small and medium-sized investors;the negative relationship between interactive information communication and its protection stems from the overall poor quality of investor questioning and responses from listed companies.Furthermore,starting from the information supply side,improving the professional ability of board secretaries of listed companies and strengthening incentive mechanisms can significantly improve the quality of interactive information communication and restore its effectiveness in protecting the interests of small and medium-sized investors.
interactive information communicationsmall and medium-sized investorsdegree of information opacitye-interactionShanghai Stock Exchange e-Interactive
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