Abstract: The stock exchange has created opportunities for “face-to-face” communication between listed companies and investors through the “Interactive Easy” and “e-Interactive” platforms, mobilizing investors' enthusiasm for directly participating in information disclosure of listed companies, reducing the degree of information asymmetry between companies and investors, and playing a supervisory role in listed companies, becoming the “foothold” for regulatory innovation. This article aims to explore whether the information exchange and interaction data on the “Interactive Easy” and “e-Interaction” platforms of Shanghai and Shenzhen A-share listed companies, from January 2012 to December 2023, can significantly improve the internal control quality level of listed companies, by measuring the information exchange behavior of the platforms from two dimensions: interaction quantity and interaction quality. Furthermore, if such an influence effect exists, what is the mediating mechanism?
This study has found that: Firstly, the information interaction behavior of investors and listed companies on the network platform significantly improves the quality of internal control of the company. The platform information exchange behavior measured from both the quantity and quality dimensions of interaction can significantly improve the quality level of internal control of listed companies. The conclusion remains valid after a series of robustness tests. The information exchange on the investor interaction platform can indeed play an external governance role. Secondly, compared to the quantity of interactions, the quality of information interaction, represented by response rate and responsiveness, can better reflect the degree and effectiveness of interaction, and its role in improving internal control quality is more obvious. Thirdly, further research on the mechanism of information interaction in improving the quality of internal control of enterprises found that media attention played a mediating role in this effect. Under the influence of media attention, the information interaction process became more transparent and open, and through its dissemination of information, it triggered reputation mechanisms and pressure mechanisms, prompting listed companies to improve their internal control quality due to reputation risks and pressure from the market and regulators. After analyzing the relationship between the information interaction and goal-oriented internal control sub-indices of the online platform, it is found that the information interaction behavior of the online platform mainly affects the enterprise strategy index and asset security index. Heterogeneity analysis has found that for sample companies with smaller scale and more responsible board secretaries, the effect of network platform interaction on improving internal control quality is more significant.
The research conclusion has certain significance in understanding the corporate governance effect of interactive platforms in exchanges and expanding the path for improving the internal control quality of listed companies.

Key words: Investor Interaction Platform, Internal Control Quality, Information Exchange, Media Attention

摘要： 本文利用2012—2023年间我国沪深两市A股上市公司在投资者互动平台上的交流数据,分析互动平台信息交流行为对公司内部控制质量的影响效应及其规律。研究发现,网络互动平台的信息交流可以发挥外部治理效应,从互动数量和互动质量两个维度衡量的平台信息交流行为都能显著提升上市公司内控质量,其中互动质量的提升效应相较于互动数量更为明显。进一步分析发现,媒体报道关注度在这一影响效应中起到了中介作用,并且以声誉机制和市场压力两种形式体现。对目标导向的内控分项指数回归发现,网络互动平台信息交流主要显著正向作用于战略指数与资产安全指数。对规模较小、董事会秘书更为尽责的样本公司来说,互动平台信息交流所产生的内控质量提升效应更为显著。本文研究结论对于透视交易所互动平台的公司治理效应,以及拓展上市公司内控质量提升路径等方面具有借鉴意义。

关键词: 投资者互动平台, 内控质量, 信息交流, 媒体关注