网络互动沟通与管理者短视

Online Interaction and Communication and Managerial Myopia

中文关键词:  网络互动沟通  管理者短视  股价下跌压力  外部监督  高质量发展

英文关键词:online interaction and communication  managerial myopia  stock price drop pressures  external supervision  high-quality development

中文摘要:

      信息技术的迅猛发展改变了资本市场的信息环境,影响着企业管理者的决策和战略选择。基于2010—2022年交易所互动问答平台的数据,实证检验了投资者与管理者的直接沟通对管理者短视的影响及作用机制。研究发现,加强网络互动沟通能够抑制管理者短视,且通过减轻股价下跌压力和增强外部监督力量抑制了管理者短视。异质性分析结果表明,仅在投资者提问主题数量多、存在连续性提问和提问定量内容比例低时,这种抑制效应显著。进一步分析发现,通过加强网络互动沟通抑制管理者短视能够切实促进企业的高质量发展。因此,监管部门要创建合规有序的信息沟通环境,鼓励投资者积极利用网络互动平台与管理者沟通企业经营发展问题,引导管理者真实准确地回复投资者提问,有效改善企业信息环境,助力企业高质量发展。

英文摘要:

      The rapid advancement of information technology has reshaped the information environment in capital markets, thereby influencing corporate managers' decision-making and strategic choices. Drawing on data from Q&A platforms of stock exchanges from 2010 to 2022, this study empirically examines the impact of direct investor-manager communication on managerial myopia and its underlying mechanisms. The findings reveal that enhanced online interaction and communication can inhibit managerial myopia, primarily by alleviating stock price drop pressures and reinforcing external supervision. Heterogeneity analysis shows that this inhibitory effect is only significant when investor inquiries demonstrate greater thematic diversity, persistent follow-up questioning, and lower proportions of quantitative content. Further analysis indicates that inhibiting managerial myopia through increased online interaction and communication effectively promotes high-quality corporate development. Accordingly, regulatory authorities should establish a compliant and orderly information communication environment, incentivize investors to actively utilize online platforms for operational dialogues with managers, and guide managers to provide truthful and accurate responses to investor inquiries. These measures can help optimize corporate information ecosystems and promote high-quality corporate development. 