讲座题目：Social Media Reactions to Product Announcements and Competitive Response

主讲人：褚远方香港中文大学博士后

讲座时间：2025年11月3日（周一）10：00-11：30

讲座地点：学院南路校区主教学楼615 会议室

主持人：高震男中央财经大学商学院助理教授

主讲人介绍：

褚远方，香港中文大学商学院金融学系博士后研究员，博士毕业于香港中文大学商学院。主要研究领域包括实证公司金融、产品市场竞争、信息环境、企业创新与金融摩擦。目前有多篇论文在Management Science、Journal of Accounting Research等国际顶级学术期刊审稿中，并于国内外重要学术会议进行汇报，如FMA、SFA及CICF等，多次获得Best paper奖项。

摘要：

Using data from a popular social media platform, we examine whether firms’ product market strategies are associated with social media reactions to competitors’ product announcements. We document that product announcements trigger heightened discussions on social media. Firms adjust their product offerings to a greater extent in the following year when their competitors’ new products attract strong social media attention, especially if accompanied by favorable sentiment. Furthermore, high attention is associated with greater product differentiation, while positive sentiment correlates with convergence in product offerings when attention is moderate. These effects persist after controlling for alternative information channels, product market dynamics, and firm characteristics. We argue that social media serves as a valuable external source of real-time, crowdsourced information on the consumer side, reflecting potential consumer bases and preferences for new products. This is evidenced by results showing the baseline associations are driven by product-related discussions and stronger in market-oriented industries.

中文摘要：

本文利用一家热门社交媒体平台的数据，研究企业的产品市场策略是否与竞争对手产品发布在社交媒体上的反应有关。本文发现产品发布会在社交媒体上引发更热烈的讨论。当竞争对手的新产品在社交媒体上引起强烈关注，尤其是伴有积极情绪时，企业在接下来的一年里会更大程度地调整其产品供应。此外，高度关注与产品差异化程度更高相关，而当关注程度适中时，积极情绪则与产品供应趋同相关。在控制了其他信息渠道、产品市场动态和企业特征等因素后，这些影响依然存在。本文认为社交媒体是消费者方面有价值的实时、众包信息来源，反映了潜在的消费者基础和对新产品的偏好。这一点从结果中得到了证明，即基本关联是由产品相关的讨论驱动的，并且在以市场为导向的行业中更为明显。