How Do Question-and-Answer Messages Affect the Risk of a Stock Crash?

Abstract

Based on the question-and-answer data of online interactive platforms from 2011 to 2016, this paper studied the impact of question-and-answer information on the stock price crash risk of listed companies from the perspective of investors and listed companies. The following research conclusions were found through the manual collection of question and answer data and data analysis. From the perspective of investors, the higher the degree of information questions, that is, the more questions and the more detailed the questions. As a result, the transparency of information between investors and listed companies is improved, thus reducing the risk of stock price crash of listed companies. From the perspective of the listed company, the more detailed the information of the listed company is replied, and the faster the information is replied, so as to dispel investors' doubts, the lower the risk of stock price crash of the listed company is.