上市企业社交媒体信息发布内容与其股票交易量的关系研究

对142家标普500成分企业在Twitter上发布的信息进行语义分析, 将其分为企业形象提升类信息与非形象提升类信息, 实证分析了两类信息与企业股票交易量之间的相关关系, 并检验了两类信息之间的交互作用, 研究发现: 企业形象提升类信息有效地提高了投资者的感知价值, 降低了信息不对称程度, 与股票交易量之间呈显著的正相关关系; 非企业形象提升类信息多为中立信息, 过多地占用了投资者处理企业形象提升类信息的注意力资源, 不利于降低信息不对称程度, 显著地削弱了企业形象提升类信息与股票交易量之间的正相关关系, 并且与股票交易量之间呈显著的负相关关系.

Relationship Between the Content of Listed Enterprises' Information Released on Social Media and Stock Trading Volume

Semantic analysis is conducted about the information released on Twitter from the 142 enterprises lis-ted in S&P 500 enterprises.The information is categorized as enterprises' image enhancing information and non-image enhancing information, and the relationship between these two types of information and stock trading vol-ume is empirically studied, and the interactive effects of the information are tested.It is found that, the image enhancing information can effectively improve the perceived value of investors and reduce the degree of informa-tion asymmetry, and has the significantly positive correlation with the stock trading volume.Meanwhile, most non-image enhancing information is neutral, which distracts investors from dealing with the image enhancing in-formation and intensifies the degree of information asymmetry; and have the negative correlation with the stock trading volume.The non-image enhancing information weakens the positive correlation between the image enhan-cing information and the stock trading volume.This study provides a new way to explore the business value of en-terprises' social media.