本文以我国资本市场特有的投资者关系互动平台为研究载体，考察了公司违规曝光后管理层在平台上与投资者的互动沟通行为及其经济后果。研究发现：公司违规曝光后，管理层与投资者互动沟通的积极性提高，这有助于修复违规对投资者信任及公司价值造成的破坏；违规事件严重性、外部信息环境、管理层利益动机均会影响企业的社交媒体互动沟通决策。本文充实了公司社交媒体使用行为与投资者信任的相关研究，为互联网时代我国资本市场的信息化建设提供了重要借鉴。

This article studies the interactive communication between the management of a company and the investors after the company's fraud is disclosedIt finds that the management would more actively interacts with the investors after the company's fraud is disclosed, and this would help restore investors' trust and the company's value damaged by the fraudIt also finds that the severity of violations, the external environment of information, and the motivation of management for benefit would significantly affect a company's decisions on interaction and communication via social mediaThis study provides some important examples for the information construction of Chinese capital market in the age of internet.