系统管理学报2026，Vol.35Issue(3)：846-859,14.DOI:10.3969/j.issn2097-4558.2026.03.017
网络平台互动与股票错误定价
Online Platform Interaction and Stock Mispricing
摘要
Abstract
Enhancing communication between external investors and corporate management through information technology and internet platforms is an important means to promote market efficiency and a key topic in the study of information asymmetry in the stock market.The online interactive platforms launched by China's stock exchanges not only provide a venue for online interactions between small and medium-sized investors(SMIs)and management but also offer an ideal setting for empirical study of the above issues.This paper investigates the relationship between SMIs-management interaction and stock mispricing based on data from the online interactive platforms of the Shanghai and Shenzhen Stock Exchanges.The empirical results show that both the frequency of corporate responses and the timeliness of replies can significantly reduce the degree of stock mispricing.Further analysis of the underlying mechanisms from the perspectives of information demand and sentiment transmission reveals that the corrective effect of online interactions on mispricing is influenced by the level of information asymmetry and investor sentiment.Moderation analysis reveals that higher levels of information asymmetry and stronger investor sentiment weaken the effectiveness of online interactions in correcting stock mispricing.This paper provides additional evidence on the mechanisms through which communication between listed companies and retail investors affects stock mispricing,offers new empirical support for research on investor-management interaction,and enriches the literature on multi-agent problems involving major shareholders,minority shareholders,and corporate management in China's stock market.关键词
网络平台互动/股票错误定价/信息不对称/投资者情绪Key words
online platform interaction/stock mispricing/information asymmetry/investor sentiment分类
管理科学引用本文复制引用
金伟豪,熊熊,孟永强..网络平台互动与股票错误定价[J].系统管理学报,2026,35(3):846-859,14.基金项目
国家自然科学基金资助项目(72201190,72141304) （72201190,72141304）
