摘要
近年来,社交媒体平台逐渐成为投资者获取投资信息和投资建议的重要途径。本文运用心理学中的说服理论和实验研究方法,分析和检验了社交媒体平台股吧上发布建议理由的具体性与发帖人经验对投资者投资判断的影响。研究发现,与概括性的建议理由相比,当在社交媒体平台股吧上发布的建议理由比较具体时,投资者判断的投资吸引力更高。研究还发现,在发帖人经验比较低的情况下,相比于概括性的建议理由,当在社交媒体平台股吧上发布的建议理由比较具体时,投资者判断的投资吸引力更高;在发帖人经验比较高的情况下,无论社交媒体平台股吧上发布的建议理由具体还是概括,投资者判断的投资吸引力没有明显差异。此外,研究还发现,建议理由的可信性中介了社交媒体平台股吧上发布的建议理由的具体性与投资者判断的投资吸引力之间的关系。
In recent years,social media platforms have gradually become an important way for investors to acquire investment information and investment advice.As a typical interactive social media platform,stock forum often has users who share investment experience and advice through postings for reference by other users.In practice,it has been found that there are big differences in the concreteness of the arguments for investment advice on stock forum.Some posters give more concrete arguments for investment advice,while the others give more general arguments.In addition,poster’s experience will be disclosed on the stock forum.Some posters have higher posting experience,and some posters have lower posting experience.Does the concreteness of the arguments for investment advice on the stock forum and the experience of the poster jointly influence investors’investment judgments?If this effect exists,what is the specific path?These are important issues related to the influence of social media on investor’s judgment and decision-making,but they are rarely covered in previous studies.Applying psychological persuasion theory and experimental research method,this paper analyzes and examines the effect of the concreteness of the arguments for posted advice and the posters’experience on social media platform stock forum on investors’investment judgments.The study found that compared to the general arguments for the advice,the investment attractiveness judged by investors were higher when the arguments for the posted advice on social media platform stock forum were concrete.The study also found that in the case of lower posters’experience,the investment attractiveness judged by investors were higher when the arguments for the posted advice on social media platform stock forum were concrete compared to the general arguments for the advice;In the case of higher posters’experience,there was no significant difference in the investment attractiveness judged by investors,no matter whether the arguments for posted advice on social media platform stock forum were concrete or general.In addition,the study also found that the credibility of the arguments for advice mediated the relationship between the concreteness of the arguments for posted advice on social media platform stock forum and the investment attractiveness judged by investors.The main contributions of this article are:(1)Based on the perspective of psychology,it analyzes and examines the impact of the concreteness of the arguments for posted advice on the social media platform stock forum on investors’investment judgments,and expands the research on investor judgments in accounting and finance to social media,previous research on the impact of media on investors mainly focused on the impact of traditional media on investors;(2)It analyzes and examines the joint effect of the concreteness of the arguments for posted advice on the social media platform stock forum and the experience of the poster on investors’investment judgments,it is found that the poster’s posting experience moderates the impact of the concreteness of the arguments for posted advice on the investor’s investment judgment;(3)It examines and finds the specific path that the concreteness of the arguments for posted advice on the social media platform stock forum affects the investor’s judgment,that is,the mediating effect of the credibility of the arguments for advice on the social media platform stock forum.From a practical perspective,the conclusions of this article have important implications for regulators and social media platforms to regulate social media information.More and more investors begin to use social media to acquire investment information.However,there are big differences between social media and traditional media in terms of the nature,professionalism,and credibility of the media.As a relatively free information exchange platform,social media usually lacks strict supervision,and its information is generally of low professionalism and credibility.Regulators and social media platforms should first strengthen the education of investors and remind them how to identify more credible information in the social media environment.Second,they should strengthen the supervision of social media information and establish a more stringent information review mechanism.For example,the poster is required to provide concrete arguments while providing advice,especially for posters with relatively lower posting experience,to help investors make better investment decisions.
作者
张继勋
张广冬
杨小娟
Zhang Jixun;Zhang Guangdong;Yang Xiaojuan(School of Business,Nankai University)
出处
《南开管理评论》
CSSCI
北大核心
2021年第1期131-135,161-166,共11页
Nankai Business Review
基金
国家自然科学基金项目(71872090、71902096)
中央高校基本科研业务费专项资金项目(63192404)资助
关键词
社交媒体
股吧
建议理由
发帖人经验
投资判断
social media
stock forum
arguments for advice
posters’experience
investment judgments
作者简介
张继勋,南开大学商学院教授、博士生导师、博士,研究方向为行为与实验会计、审计理论与方法;张广冬,南开大学商学院博士研究生,研究方向为行为与实验会计、审计理论与方法;杨小娟,南开大学商学院博士研究生,研究方向为行为与实验会计、审计理论与方法
