投资者-公司互动与投资者-投资者互动：哪个能更好地促进投资者学习？

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis Pub Date : 2025-04-27 DOI:10.1016/j.irfa.2025.104285

Libo Yin , Xiaoye Zhu

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引用次数: 0

摘要

本文研究了不同形式的信息交互对投资者学习的影响。实证结果表明，投资者-企业互动对投资者学习效应有正向影响，而投资者-投资者互动对投资者学习效应有负向影响。机制分析表明，从供给侧（企业）获取信息而不是从需求侧（投资者）获取信息，降低了噪音含量、投资者分歧和崩溃风险，从而增强了投资者的学习能力。本研究加深了我们对改善市场信息环境、完善公司信息披露规范和加强投资者保护如何促进中国投资者学习的理解。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Investor–firm interactions versus investor–investor interactions: Which enhances investor learning better?

This paper investigates the impact of different forms of information interaction on investor learning. The empirical results show that investor–firm interactions are positively associated with the investor learning effect, whereas investor–investor interactions exert a negative impact. The mechanism analysis suggests that acquiring information from the supply side (firms) rather than the demand side (investors) reduces noise content, investor disagreement, and crash risk, thereby enhancing investor learning. This study enhances our understanding of how improving the market information environment, refining corporate disclosure practices, and strengthening investor protection can enhance investor learning in China.

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来源期刊

International Review of Financial Analysis BUSINESS, FINANCE-

CiteScore

10.30

自引率

9.80%

发文量

366

期刊介绍： The International Review of Financial Analysis (IRFA) is an impartial refereed journal designed to serve as a platform for high-quality financial research. It welcomes a diverse range of financial research topics and maintains an unbiased selection process. While not limited to U.S.-centric subjects, IRFA, as its title suggests, is open to valuable research contributions from around the world.