Listed companies constitute the core component of China's capital market, serving as the cornerstone of capital market development. Over the past decade, Chinese listed companies have continuously expanded, becoming pivotal forces driving enterprise reform and industry growth. Meanwhile, they also represent the primary investment targets for domestic individual investors.
Domestic listed companies release daily market updates on major trading platforms, establishing interactive communication channels among investors. Researchers can leverage massive-scale investor interaction data to observe multi-dimensional information including market judgments and individual sentiment.
The A-share Listed Companies Stock Forum Text Data released by CnOpenData primarily contains textual information that comprehensively reflects investment sentiment. It explicitly presents post content details, poster registration location (province/city), follow/followed relationships, and other multidimensional attributes. Particularly, the relational database design using Post ID(帖子ID) and User ID(用户ID) as primary keys enhances inter-table connectivity and improves usability.
Time Coverage
As of 2021
Version Update Notes
- Removed "Stock Forum User Following Table" as user followings and followers constitute mutually symmetric information sets;
- Added "Reply Likes Count(回帖点赞数)" and "Reply Comments Count(回帖评论数)" fields in the reply details table to measure discussion engagement;
- Introduced new metrics including "Total Visits(总访问次数)", "User Influence(用户影响力)", and "User Authentication(用户认证)" in user profiles to track influencer activities;
- Incorporated "Follow Time(关注时间)" field in user follower tables to precisely identify user online patterns;
Field Specifications
Sample Data
A-share Listed Companies Stock Forum Post Details
A-share Listed Companies Stock Forum Reply Details
A-share Listed Companies Stock Forum User Profiles
A-share Listed Companies Stock Forum User Followers
参考文献
- 郑建东、吕晓亮、吕斌、郭峰，2022：《社交媒体平台信息交互与资本市场定价效率——基于股吧论坛亿级大数据的证据》，《数量经济技术经济研究》第11期。
- 尹必超、孔东民、季绵绵，2022：《散户积极主义提高上市公司审计质量吗》，《会计研究》第10期。
- 范小云、王业东、王道平、郭文璇、胡煊翊，2022：《不同来源金融文本信息含量的异质性分析——基于混合式文本情绪测度方法》，《管理世界》第10期。
- 朱孟楠、梁裕珩、吴增明，2020：《互联网信息交互网络与股价崩盘风险：舆论监督还是非理性传染》，《中国工业经济》第10期。
- 孙鲲鹏、王丹、肖星，2020：《互联网信息环境整治与社交媒体的公司治理作用》，《管理世界》第7期。
- 王丹、孙鲲鹏、高皓，2020：《社交媒体上“用嘴投票”对管理层自愿性业绩预告的影响》，《金融研究》第11期。
- 部慧、解峥、李佳鸿、吴俊杰，2018：《基于股评的投资者情绪对股票市场的影响》，《管理科学学报》第4期。
- Yuqin Huang, Feng Li, Tong Li, Tse-Chun Lin, 2024, “Local Information Advantage and StockReturns: Evidence from Social Media“. ContemporaryAccounting Research.
- Chang, Yen-Cheng and Hong, Harrison G. and Tiedens, Larissa and Wang, Na and Zhao, Bin, 2015, “Does Diversity Lead to Diverse Opinions? Evidence from Languages and Stock Markets ”, Rock Center for Corporate Governance at Stanford University Working Paper No. 168, Stanford University Graduate School of Business Research Paper No. 13-16.
- Sheridan Titman, Chishen Wei, Bin Zhao, 2021, “Corporate actions and the manipulation of retail investors in China: An analysis of stock splits”, Journal of Financial Economics.
Data Update Frequency
Annual updates