上市公司网络新媒体信息披露研究 :基于微博的实证分析

近年来 ,微博等网络新媒体在公众的信息分享与传播中扮演了越来越重要的角色.这些网络新媒体的出现不仅开创了人际传播的新模式 ,而且对资本市场的信息提供与传播以及信息的获取方式、途径和及时性带来了重大的影响和变革.文章通过手工收集并逐条阅读上市公司在新浪微博上发布的信息 ,首次对上市公司的微博信息披露进行了考察.研究结果显示 ,目前上市公司通过微博披露的信息内容非常广泛 ,其中 ,披露比例最高的为公司经营类信息 ,尤其是销售合同、企业获奖和研发创新等内容.这些信息中,未经公司正式公告披露的信息约占微博信息披露总量的84% .进一步地,我们还考察了上市公司特征对其开设微博意愿及发布信息数量的影响.研究结果显示 ,公司治理水平越高的公司越倾向于开设微博且发布越多的与公司密切相关的信息,尤其是未经公司正式公告披露的信息以及经营活动策略类信息.网络新媒体信息披露作为一个新兴领域,还有很多值得深入研究的问题 ,如网络新媒体信息披露会对上市公司产生哪些影响?它能否降低股价同步性与公司融资成本?

On Information Disclosure of Listed Companies through New Media:An Empirical Analysis Based on Microblog

In recent years ,new media like microblog plays a more and more important role in public information sharing and communication .The emergence of new media on the internet not only creates a new mode of interpersonal communication ,but also brings sig-nificant impact and change to information provision & communication and approaches , routes& timeliness of information acquisition on the capital market .Through hand collec-ting and detailed reading of information of listed companies published on Sina microblog , this paper investigates microblog information disclosure of listed companies for the first time .Results show that the content of information disclosed by listed companies through microblog is very extensive ,and the most content of information disclosed is operation in-formation ,especially sales contracts ,awards and R&D & innovation .Besides ,about 84% of the information disclosed by listed companies through microblog is not published through official announcements .Furthermore ,it also examines the effects of the characteristics of listed companies on their willingness to register in Sina microblog and the number of re-leased information .Results show that companies with high-level corporate governance more tend to register in Sina microblog and release more information closely related to the com-panies ,especially information that is not published through official announcements and strategy-based information about operation activities .Information disclosure through new media on the internet as an emerging field is worthy of deep study on issues like how infor-mation disclosure through new media on the internet affects listed companies and whether it can reduce the stock price synchronicity and the financing costs .