摘要
通过选取典型的电信业公司——中国联通,梳理了其2017年9月至12月微信订阅号的信息披露内容,并结合内容与公司的股票价格走势,将信息的披露与投资者的投资决策对应起来。研究发现:中国联通对自媒体的利用程度较高,微信订阅号中连续发送与企业未来经营发展相关的信息;微信订阅号的信息披露内容带动着股价的涨跌,说明投资者在阅读并关注着微信订阅号信息,股东对中国联通微信订阅号的利用效果非常明显。本研究基于典型案例,为其他同类企业利用自媒体缓解上市公司信息不对称、指导投资者决策提供参考与借鉴。
By choosing typical telecommunications company-China Unicom,the paper teases out its content of information disclosure on WeChat public platform during September 2017 to December 2017,combining the content with the company's stock price movements,it puts the information disclosure in line with investor's investment decisions.The study finds that China Unicom has a higher utilization degree of self-media,and the WeChat public platform continuously sends information related to the future business development of the enterprise;the content of information disclosure on WeChat public platform drives the rise and fall of share prices,indicating that investors are reading and focused on the content of information disclosure on WeChat public platform,and that shareholders of China Unicom have an obvious effect on the use of WeChat public platform.Based on the typical case,this study provides reference for other similar enterprises to use self-media to alleviate the information asymmetry of listed companies and guide investors to make decisions.
作者
黄宏斌
毛天琴
Huang Hongbin;Mao Tianqin(Business School,Tianjin University of Finance and Economics,Tianjin 300222;Postdoctor of Tianjin University of Finance and Economics,Tianjin 300222)
出处
《金融发展研究》
北大核心
2018年第8期56-62,共7页
Journal Of Financial Development Research
基金
国家自然科学基金青年项目"投资者情绪
信贷融资与资源配置效率"(71402115)
国家自然科学基金面上项目"上市公司自媒体信息披露及互动的影响因素及经济后果:基于微博
微信的研究"(71872121)
中国博士后科学基金特别资助项目"媒体情绪对投资者情绪的影响研究:成因及机理"(2017T100156)
中国博士后科学基金面上项目"投资者情绪
企业生命周期与融资约束"(2015M570227)
教育部人文社科重点研究基地重大项目(15JJD6300001)
天津财经大学优秀青年学者资助计划(YQ1507)
关键词
微信公众号
信息披露
案例研究
中国联通
WeChat public platform
information disclosure
case study
China Unicom
