关键词:
媒体情绪
绿色企业
因子模型
媒体关注
股票收益
摘要:
随着社交媒体的普及和网络媒体的快速发展,网络媒体对股票市场的影响越来越受关注。绿色企业作为一种具有环保和可持续发展特征的企业形式,其在投资市场上的表现备受关注。那么,网络媒体会对中国绿色企业股票收益有影响吗?本文首先剖析网络媒体关注对绿色企业股票收益率的影响,然后将网络媒体报道分为正面、中性和负面情绪组,进一步检验网络媒体情绪是否会对中国绿色企业股票收益率产生异常影响。研究发现,网络媒体关注效应主要来源于正面新闻,考虑已知风险因素后,无新闻报道或低新闻报道将使绿色企业股票产生更显著的异常收益。本文还发现在小规模绿色企业分组中,网络媒体关注将会使其股票价格存在异常显著性,特别是正面网络媒体关注,这一发现进一步证实了网络媒体关注对于绿色企业股票收益的影响。本研究不仅可以推动企业更加注重环保和可持续发展,同时还有助于塑造企业的社会责任形象,提升投资者对企业的认可和信任度。With the popularity of social media and the rapid development of online media, the impact of online media on the stock market is receiving increasing attention. Green companies, characterized by their environmental and sustainable development features, have attracted considerable interest in the investment market. So, will online media have an impact on the stock returns of green companies in China? This study first analyzes the impact of online media attention on the stock return of green enterprises, and then divides online media categorizes online media articles into positive, neutral, and negative sentiment groups to examine whether online media sentiment has an abnormal impact on the stock returns of Chinese green companies. The study found that the effect of online media attention on green companies primarily stems from positive news. After considering known risk factors, the absence or low level of news coverage leads to more significant abnormal returns for green company stocks. Furthermore, the study also found that in the small-scale grouping of green companies, online media attention leads to significant abnormal stock prices, particularly when it is positive. This finding further confirms the impact of online media attention on the stock returns of green companies. This study not only encourages companies to prioritize environmental protection and sustainable development but also helps shape their corporate social responsibility image, thereby enhancing investor recognition and trust in these companies.