证券市场导报Issue(10)：69-79,11.
互联网基础设施建设能否成为资本市场"避雷针"?
摘要
Abstract
From the perspective of the development of internet infrastructure in the context of"New Infrastructure,"this paper empirically studies the impact of internet development in"New Infrastructure"on stock price crash risk,based on the panel data of the A-share listed companies on the Shanghai and Shenzhen Stock Exchanges from 2009 to 2023.The research finds that the development of the internet can significantly reduce stock price crash risk.The conclusion still holds after a series of robustness tests.The channel test finds that internet development can significantly reduce information asymmetry in the capital market,mitigating stock price crash risk from several aspects including increasing the information content of stock prices,improving stock liquidity,and promoting the use of emerging media by companies.The heterogeneity analysis finds that the impact of internet development on stock price crash risk is more pronounced in listed companies with a lower proportion of institutional ownership and those located in eastern provinces.The paper provides a theoretical bias for actively promoting the development of internet information technology and preventing capital market risks.关键词
新基建/互联网/股价崩盘风险/信息不对称Key words
New Infrastructure/internet/stock price crash risk/information asymmetry分类
管理科学引用本文复制引用
赵烁,陆瑶,文灿..互联网基础设施建设能否成为资本市场"避雷针"?[J].证券市场导报,2024,(10):69-79,11.基金项目
国家社会科学基金重大项目"负利率时代金融系统性风险的识别和防范"(项目编号:20&ZD102)、中国人民银行委托国家高端智库项目"我国金融资产管理公司改革发展方向研究"(项目编号:2022WTJN0328)、国家社会科学基金一般项目"提振民间投资的长效机制研究"(项目编号:19BJL065)、中国社会科学院登峰战略优势学科(项目编号:产业经济学-DF2023YS24) （项目编号:20&ZD102）
