公司新媒体自愿披露的影响因素研究

Influencing Factors of Voluntary Disclosure in New Media

新媒体的发展为资本市场的信息披露带来巨大变化,公司自愿披露在其影响下也呈现出有别于传统媒体的新特征。实证分析结果显示,影响传统自愿披露的因素同样影响新媒体披露,公司业绩的影响在各新媒体上表现不同,绩优公司在主要提升公司形象的微信和网站上披露较多信息,绩差公司则在主要影响投资者的互动平台上披露更多信息。进一步分类回归发现,影响因素对越成熟的新媒体越显著。监管部门需把握资本市场在新媒体平台的信息披露特征,制定相关制度,加强监管与规范。

The development of new media has brought great changes to the disclosure of the capital market.The firm＇s voluntary disclosure also presents new features different from the traditional media under its influence.The results of the empirical analysis show that factors which affect traditional voluntary disclosure also affect new media disclosure.But the impact of the performance is different in different new media.Firms of good performance disclose more on WeChat and website which mainly used to enhance the image of the firm.Firms of poor performance disclose more on interactive platform which mainly affects investors.Through categorization and regression,we find that the more influential factors are,the more significant the new media became.The authorities should grasp the characteristics of disclosure in new media,formulate relevant systems,and strengthen supervision and regulation.