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引用次数: 0
摘要
本文探讨了促进投资者与管理者之间沟通的技术变革是否有助于缩小不同地区企业之间股权资本成本的差距。设计/方法/途径我们利用中国上市公司的在线互动平台,并利用券商影响力(BP)来捕捉金融要素的地理分布。我们探讨了在线互动是否会在更大程度上降低低经纪存在地区企业(以下简称 "低经纪存在地区企业")的股权成本,而不是高经纪存在地区企业(以下简称 "高经纪存在地区企业")的股权成本。我们还发现,关于低 BP 公司的帖子在处理公司信息披露方面更有价值,也更有用。此外,互动次数越多,低 BP 公司的信息效率就越高,而当公司信息复杂时,缩小融资成本差距的效果就越明显。原创性/价值我们得出结论,在线互动缓解了地理位置引起的信息摩擦,为所有地区的公司创造了相对公平的竞争环境。
Can online interactions help level the playing field for firms in different regions?
PurposeThis paper examines whether technological changes that promote communications between investors and managers help bridge the gap in the cost of equity capital among firms in different regions.Design/methodology/approachWe use the online interaction platforms of listed firms in China and utilize brokerage presence (BP) to capture the geographic distribution of financial factors. We explore whether online interactions would reduce the cost of equity to a greater extent for firms located in low brokerage presence regions (hereafter “low-BP firms”) than those in high brokerage presence regions (hereafter “high-BP firms”).FindingsWe find low-BP firms benefit more from an improved information environment created by online interactions. We also find that posts about low-BP firms are more value-relevant and useful in processing corporate disclosures. Further, a higher number of interactions significantly enhances more informational efficiency for low-BP firms, and the effect of reducing the gap in financing costs is more pronounced when corporate information is complex.Originality/valueWe conclude that online interactions alleviate geography-induced information frictions and create a relatively level playing field for firms located in all regions.
期刊介绍:
Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance.
Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.