基地首席专家石劲教授的合作论文“Retail investors matter: The value of corporate interactions”，在Research in International Business and Finance发表。Research in International Business and Finance致力于发表高质量的学术论文，探索国际金融领域的前沿问题，特别是跨学科的研究和金融与社会的互动。

摘要：While the importance of corporate interactions with large or institutional investors has attracted much research attention, the value of such interactions with retail investors remains largely unexplored. In this study, we investigate the impact of corporate interactions with retail investors on the cost of equity capital, using a comprehensive dataset of dialogues extracted from online corporate interactive communication platforms launched by two major Chinese stock exchanges in the 2010 s. We find that firms that actively engage with retail investors have significantly lower costs of equity capital, and this effect is particularly pronounced when these investors hold a larger proportion of ownership. Our findings suggest that the interactions between firms and retail investors lead to a reduction in the cost of equity capital, primarily by mitigating the difficulties these investors face in processing information and enhancing their confidence in the firm.

链接：https://doi.org/10.1016/j.ribaf.2024.102226

作者简介

石劲，现任中南财经政法大学金融学教授、数字技术与现代金融学科创新引智基地首席专家，入选国家级高层次人才计划，澳大利亚国立大学金融学博士毕业。现为澳大利亚和新西兰会计和金融协会会士，亚洲金融协会理事， SSCI来源期刊《Accounting and Finance》副总编、《Journal of Accounting Literature》领域主编和《Research in International Business and Finance》副主编。研究领域包括金融科技、实证公司金融、公司治理、债券评级和企业经营战略等，主要研究对象是中国经济和金融市场，已在American Economic Review, Journal of Political Economy, Administrative Science Quarterly, Strategic Management Journal， Management Science, Review of Finance,《经济研究》等国内外学术期刊发表论文70余篇。