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本文以我国上市公司为研究样本,基于2015年我国股市非正常波动的特定事件,研究了网络股吧论坛的网络舆论压力对公司治理的影响。实证结果表明,网路舆论压力对我国上市公司的公司治理产生了显著的正向影响,中小投资者通过股吧网络平台发表的自身权益诉求得到了上市公司的积极回应。实证回归结果表明,中小投资者的权益保护诉求通过网络舆论压力的传导在国有控股的上市公司得到了积极显著的回应,而在非国有控股的上市公司网络舆论起到的公司治理作用并不显著;网络舆论对我国东中西部的上市公司产生的公司治理作用不存在显著差异。
This paper takes the listed company in our country as the research sample and studies the influence of the internet public opinion pressure on the corporate governance based on the specific events that the stock market fluctuated abnormally in China in 2015. The empirical results show that the pressure of internet public opinion has a significant positive impact on the corporate governance of listed companies in our country. Small and medium-sized investors have responded positively to the listed companies’ demands for their rights and interests published through the online stock market. The empirical regression results show that the protection of small and medium-sized investors’ claims is positively and significantly responded to the state-controlled listed companies through the pressure of online public opinion. However, the corporate governance played by the public opinion of non-state-controlled listed companies is not significant ; There is no significant difference in the corporate governance effect of online media on the listed companies in the eastern, central and western regions of China.