公司社交媒体信息披露能降低信息不对称吗?——基于创业板和主板的对比研究

Can Social Media Information Disclosure of Companies Reduce Information Asymmetry?Comparative Study of GEM Market and Main Board Market

以2011—2019年在微博上发布过盈余信息的上市公司为样本,通过手工收集的微博相关数据,基于主板和创业板的对比,研究了公司在社交媒体上进行信息披露与信息不对称的关系。研究发现(:1)公司在社交媒体上进行信息披露,会降低信息不对称程度;(2)公司在社交媒体上的信息传播越广泛,降低信息不对称的程度越大;(3)相比于主板公司,创业板公司在社交媒体上进行信息披露,降低信息不对称的程度更大;(4)相比于创业板公司,主板公司在社交媒体上披露的信息传播越广泛,降低信息不对称的程度越大。研究结论有助于理论和实务界更好地认识社交媒体在信息披露方面的作用。

Taking the listed companies that have released earnings information on Weibo from 2011 to 2019 as a sample,using manually collected Weibo data,based on the comparison between the main board and the GEM,the company’s information disclosure on social media and information asymmetry are studied.Research shows that:(1)The company’s information disclosure on social media will reduce the degree of information asymmetry;(2)The more widespread the company’s information on social media,the greater the degree of information asymmetry is reduced;(3)Compared with the main board companies,the GEM company’s information disclosure on social media reduces the degree of information asymmetry to a greater extent;(4)Compared with GEM companies,the more widely the disclosed information of main board companies is spread,the greater the degree of information asymmetry is reduced.The research conclusions will help the theoretical and practical circles to better understand the role of social media in information disclosure.