Abstract：Taking the interactive Q&A data of A-share listed companies from 2014 to 2022 as a sample, this study constructs a differential interaction index for small and medium-sized institutional investors based on Q&A similarity to test the impact of differential interaction on the risk of stock price collapse. The conclusion is as follows: Differential interaction significantly increases the risk of stock price collapse, as reflected in response word count, response tone, innovative information disclosure, forward-looking information disclosure, and other aspects. Differential interaction affects the risk of stock price collapse through information asymmetry and investor sentiment mechanisms. This impact is mainly evident in samples with weak regulatory efforts, less media attention, non-state-owned enterprises, and poor internal control quality. Furthermore, the risk of stock price collapse caused by differential interaction can exacerbate financial distress risk and damage market operational efficiency.
孙浩然，谢雁翔，马连福，李楠. 差异性投资者互动对股价崩盘风险的影响研究[J]. 管理学报, 2025, 22(8): 1556-.
SUN Haoran，XIE Yanxiang，MA Lianfu，LI Nan. Study on the Impact of Differential Investor Interaction on Stock Price Collapse Risk. Chinese Journal of Management, 2025, 22(8): 1556-.
