讲座题目：The Feedback Role of Investors in Corporate Investment Decisions
主讲嘉宾：郭世俊
时间：2026年5月11日 15:30—17:30
地点：商学院109会议室
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江南大学商学院
2026年5月6日
主讲嘉宾简介
郭世俊，博士，重庆大学经济与工商管理学院副教授，博士生导师。主要研究方向包括公司治理、信息披露、企业社会责任、环境、社会和公司治理（ESG）等；学术成果见诸于《European Accounting Review》、《Journal of Accounting and Public Policy》、《Financial Management》、《Accounting & Finance》、《Pacific-Basin Finance Journal》、《外国经济与管理》、《财政研究》等期刊；主持国家自然科学基金青年项目、中国博士后科学基金面上项目。
讲座主要内容
This study examines the feedback effect of investor-generated information on corporate investment decisions. Using a sample of Chinese listed firms from 2010 to 2023, we find that the useful informational content of investor posts on exchange-sponsored platforms (Hu Dong Yi and e Hu Dong) is positively associated with firms’ investment-Tobin’s Q sensitivity. The effect is more pronounced when stock prices convey less information to managers and in firms with weaker corporate governance, consistent with managerial learning and corporate governance channels. We further find a stronger effects among non-state-owned enterprises and a positive association between useful investor posts and firms’ future operating performance. These findings highlight the role of structured investor-firm interactions in transmitting valuable information from market participants to managers, with implications for regulators, corporations, and investors.
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