This paper explores how messages on online stock forums affect firm productivity. Using the OLS regression, we find that firm productivity is positively associated with stock forum posts. To establish the causality, we use an instrument based on the CSI 500 index membership and examine the effect of stock forum posts on firm productivity among firms with different executive-investor interactions. The results confirm that stock forum posts could make firms more productive. Two mechanisms behind this relationship are identified, i.e., stock forum posts could improve firms' stock price informativeness and corporate governance, and further analysis demonstrates that the magnitude of this relationship varies with posting characteristics. Our findings show a positive consequence of encouraging the development of social media.

本文探讨了在线股票论坛上的信息如何影响公司生产力。使用 OLS 回归，我们发现公司生产力与股票论坛帖子呈正相关。为了建立因果关系，我们使用基于沪深 500 指数成员的工具，并检查股票论坛帖子对具有不同执行投资者互动的公司之间的公司生产力的影响。结果证实，股票论坛帖子可以提高公司的生产力。确定了这种关系背后的两种机制，即股票论坛帖子可以提高公司的股票价格信息和公司治理，进一步分析表明这种关系的大小随帖子特征而变化。我们的研究结果显示了鼓励社交媒体发展的积极结果。