摘要
文章以2013-2018年A股上市公司为研究对象,利用爬虫技术爬取上市公司官方微博内容,并建立固定效应模型,对上市公司自媒体信息披露的经济后果进行了研究。研究结果表明:第一,上市公司借助微博披露信息有利于提高股价信息含量,降低股价同步性;第二,微博披露信息的质量越高,自媒体信息披露对股价信息含量的促进作用越显著;第三,相较于大公司,自媒体信息披露与股价信息含量的正向关系在小公司上表现得更为明显;第四,进一步研究传导机制,分析发现自媒体信息披露将通过提高投资者的关注度来提升股价信息含量。据此文章提出加快企业自媒体建设,推动上市公司自媒体信息披露,加强上市公司自媒体的规范化管理等政策建议,以提升股票市场信息透明度,缓解信息不对称,完善我国股票市场机制。
In this paper,A-share listed companies in 2013-2018 are taken as the research object,and the crawler technology is used to crawl the official Weibo content of listed companies,and a fixed effect model is established to study the economic consequences of the We Media information disclosure of listed companies.The results show that:First,the disclosure of information by Weibo is conducive to improving the information content of stock price and reducing the synchronization of stock price;Second,the higher the quality of Weibo disclosure information,the more significant the promotion effect of WeMedia information disclosure on the information content of stock price;Third,compared with large companies,the positive relationship between WeMedia information disclosure and the information content of stock price is reflected in small companies;Fourth,further study the transmission mechanism,analysis found that the WeMedia information disclosure will improve the information content of stock price by increasing the attention of investors.According to this,this paper puts forward some policy suggestions,such as speeding up the construction of enterprise’s WeMedia,promoting the information disclosure of listed company’s WeMedia,strengthening the standardized management of listed company’s WeMedia,so as to improve the transparency of information in the stock market,alleviate the information asymmetry,and improve the mechanism of the stock market in China.
作者
高伯任
GAO Bo-ren(School of Management,Guizhou Business University,Guiyang Guizhou 550014,China)
出处
《技术经济与管理研究》
北大核心
2020年第7期62-67,共6页
Journal of Technical Economics & Management
基金
贵州省教育厅教育科学规划项目(2019C027)
贵州省教育厅青年科技人才项目(黔教合KY字[2018]275)
贵州省教育厅人文社会科学规划项目(2019gh003)
贵州商学院博士基金项目(黔商合BSKY[2018]003)
