分析师社交媒体在信息传播效率中的作用——基于分析师微博的研究

The role of analysts’ social media in information dissemination: Evidence from analysts’ microblogs

利用分析师开通微博这一现象,探究社交媒体能否有助于提高分析师信息传播效率.主要结果表明:首先,与未开通微博的分析师相比,分析师在开通微博后,其信息传播效率显著提升,而分析师停止在微博发布消息后,提升效应随之消失;其次,分析师微博的关注度越高,信息传播效率越高.进一步发现,信息传播效率的提升效应仅适用于明星分析师和机构投资者持股比例高的公司,说明微博信息的供求双方主要是明星分析师和机构投资者.总之,本研究为探讨分析师社交媒体在资本市场中的作用提供了证据支持.

Based on analysts' microblogs, this paper examines whether social media improve the efficiency of information dissemination of analysts. Our results show that, compared with analysts without microblogs, microblog- analysts can disseminate information more efficiently after opening microblogs. Once analysts stop issuing new blogs, this effect disappears. In addition, the more attention the analysts’ microblogs attract, the higher information dissemination efficiency. Further analyses show that, the above effects only exist for star analysts and companies with higher institutional ownership, implying that star analysts and institutional investors are the main components of information supply and demand sides. Our paper provides evidence for studying the role of analysts’ social media in capital markets.