Abstract

We examine the impact of investor interaction on the valuation of listed companies. We have developed distinctive micro-databases and indicators to delve into the impact of investor interaction on the valuation of listed companies and understand its underlying transmission mechanism. The research shows that: firstly, improving the interaction between listed companies and investors can significantly improve the valuation of listed companies. Secondly, investor interaction helps to enhance the quality of information disclosure, curb the non-systematic risk of stocks, increase stock activity and liquidity, and plays a mediating role in improving the valuation of companies. Thirdly, investor interaction has a moderating effect on the valuation of listed companies by influencing trading behaviors such as shareholding ratio and turnover.

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