网络新媒体信息披露的经济后果研究——基于股价同步性的视角

Economic consequences of new media information disclosure: From the perspective of stock price synchronicity

近年来,微博等网络新媒体的出现对公众信息的传播方式和及时性产生了重大的影响.尤其在资本市场中,这些网络新媒体丰富了上市公司发布信息的内容,增加了投资者获取信息的渠道,在一定程度上促进了证券市场的定价效率.文章通过手工搜集并逐条阅读上市公司在新浪微博上发布的信息,从股价同步性的视角对上市公司披露的微博信息内容的经济后果进行了考察.研究结果显示,微博信息中经营活动及策略类信息占比越高的公司的股价同步性越低,并且这个结果在考虑内生性影响后依旧存在.文章还发现,聘请十大会计师事务所、信息透明度越高以及分析师跟踪人数越多的公司,其微博有用信息降低股价同步性的作用更强.这些结果说明,投资者并非接收所有微博信息并做出反应,只有当公司透明度较高、发布信息质量较高,并且微博信息内容具有价值的情况下,公司层面信息才能通过微博有效地传递给投资者,从而影响资本市场.

In recent years,the appearance of microblog and other new media on internet have had a significant influence on the way and timeliness of information disclosure. In the capital markets,the new media enrich the content of the published information of listed companies,broaden the way of investors＇ access to information,and to a certain extent,contributed to the pricing efficiency of securities markets. This paper tries to find out the economic consequences of information disclosed through microblog from the perspective of stock price synchronicity by hand collecting data of listed companies published on sina microblog. Information posted by microblog is categorized and it is found that the higher the proportion of business and strategic information,the lower the stock price synchronicity. The results remain valid after considering the influence of endogenous. It is also found that companies audited by Big-10 audit firms,with higher information transparency and more analysts following,can significantly lower stock price synchronicity via weibo in releasing information. These results suggest that investors will not receive all the microblog information. Only when the quality of information released via weibo is high,can the information be effectively transmitted to investors through weibo,thus affecting the capital market.