光华讲坛

主题：Investor Relations for the Rest of Us: Engaging with Retail Investors

面向普通投资者的投资者关系：与散户投资者互动

主讲人：郑悦（香港科技大学）

主持人：澳门bet356体育在线官网 代婧 副教授

时间： 2024-06-04， 10：00-11：30

会议地点：澳门bet356体育在线官网柳林校区诚正楼650会议室

主办单位：新时代中国特色财务与会计理论创新与方法体系研究团队 数字经济重大基础理论与实践创新研究团队 澳门bet356体育在线官网 科研处

主讲人简介：

郑悦，香港科技大学助理教授，马里兰大学会计学博士，主要研究方向包括内部人交易、信息传递效率、分析师预测、中小投资者等，多篇论文发表于世界顶尖会计与金融学术期刊，包括The Accounting Review, Review of Accounting Studies, Contemporary Accounting Research, 以及Journal of Financial and Quantitative Analysis.

内容摘要：

通过使用一个众筹散户投资者提问的金融科技平台（SAY）进行财报电话会议，我们探索了散户投资者的信息需求，并研究回应此类需求是否会增加散户的兴趣。通过主题模型分析，我们发现散户投资者的信息需求与分析师不同。具体来说，散户投资者更关注股息政策、利益相关者以及产品和技术，而分析师则更关注财务表现和宏观经济状况。管理层通过回答投票最多的问题和调整财报电话会议的陈述来满足散户投资者的信息需求。在采用SAY平台后，散户的兴趣（通过Reddit帖子数量的强度来衡量）有所上升，尤其是在公司对散户的查询反应更加积极时。总体而言，我们的研究表明，理解并回应散户投资者的独特信息需求是有效的投资者关系活动，可以增强散户投资者的兴趣。

Using a Fintech platform (SAY) that crowdsources questions from retail investors for earnings calls, we explore retail investors' information demand and investigate whether responding to such demand increases retail interest. Through topic modeling analysis, we find that retail investors have different information needs from analysts. In particular, retail investors have greater enquiries on dividend policy, stakeholders, and product and technology, while analysts focus on financial performance and macroeconomic condition. Managers address retail investors' information demand by answering top-voted questions and adjusting their earnings call presentations. Retail interest, measured by the intensity of Reddit posts, rises post-SAY adoption, especially when firms are more responsive to retail queries. Overall, our study suggests that understanding and responding to retail investors' unique information demand serve as effective investor relations activities that enhance interest from retail investors.