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新冠疫情背景下网红经济对上市公司财富效应的影响

The Influence of Internet Celebrities Economy on the Wealth Effect of Listed Companies under the Background of New Crown Epidemic

Finance and Economics Focusing / 2021,3(3): 80-98 / 2021-06-16 849 763

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• Authors: 姜竣雯     
• Information:

  中南财经政法大学，武汉

• Keywords: Listed companies; COVID-19; Web celebrity economy; Event analysis; Announcement effect 上市公司；新冠疫情；网红经济；事件分析；公告效应
• Abstract: This paper constructs the database of listed companies in web celebrity economic sector, analyzes the wealth effect brought by web celebrity economy to listed companies by using event analysis method, and discusses the market reaction to the joint efforts of listed companies of different industries, different property rights and different scales. The results show that the web celebrity cooperative information disclosure event has a positive impact on the market value of listed companies in the short term, and there may be a phenomenon of concept speculation, investors and regulators should be wary of the behavior of concept speculation to cash out. Market reactions for companies of different industries and sizes are also different. The positive reactions of Internet, business services and apparel are relatively significant, and the degree and speed of market reaction of large companies is higher than that of small companies before and after the event. 本文构建网红经济板块上市公司数据库，利用事件分析法对网红经济给上市公司带来的财富效应进行分析，探讨市场对不同行业、不同产权属性、不同规模的上市公司携手网红的反应。结果表明，网红合作信息披露这一事件在短期内对上市公司市值有着正向影响，且可能存在概念炒作现象，投资者和监管机构应警惕炒作概念趁机套现的行为；市场对不同行业、不同规模的公司的反应也各不相同，互联网与商业服务类以及服装服饰类正向反应相对显著，且大公司在件日前后的市场反应程度和速度要高于小公司。
• DOI: https://doi.org/10.35534/fef.0303015
• Cite: 姜竣雯．新冠疫情背景下网红经济对上市公司财富效应的影响［J］．财经聚焦，2021，3（3）：80-98．