关键词: 投资者互动平台, 互动平台提问领袖, 股价崩盘风险

Abstract: The individual wisdom of highly active users in social media plays a crucial role in breaking the“spiral of silence”. By making use of the data from non-financial listed companies on the Shanghai and Shenzhen A-share markets from 2013 to 2023, this study investigates the relationship between question leaders on interactive platforms and the risk of stock price collapse. The results indicate that question leaders on interactive platforms can significantly reduce the risk of stock price collapse, breaking the“spiral of silence”. The mechanism analysis reveals that questions posed by question leaders on interactive platforms can reduce information asymmetry and strengthen external supervision, thereby enabling question leaders to mitigate the risk of stock price collapse. The higher the concentration of attention from question leaders on a company, the greater the reduction in the risk of stock price collapse; however, the extensive attention from question leaders to listed companies would increase the risk of stock price collapse. An analysis of the response strategies of listed companies reveals that increasing the similarity of response texts, expanding the number of response words, and shortening the response time can reduce the risk of stock price collapse. Conversely, excessive bias towards question leaders in responses from listed companies would increase the risk of stock price collapse. The analysis of the complementary effect reveals a regulatory complementary effect between the supervision of regulatory authorities and the questions posed by question leaders on interactive platforms. Therefore, it is necessary to fully leverage the positive role of question leaders on interactive platforms, while also regulating their behaviors.

Key words: investor interaction platform, question leaders on interaction platforms, stock price crash risk