互动式信息披露与融资环境优化

Interactive Disclosure and Optimization of Financing Environment

互联网与信息技术变革时代下的企业信息披露呈现出"双向互动"特点,形成对传统"单向发布"式信息披露的有效补充或潜在替代。本文利用2014—2017年"上证e互动"平台的问答板块数据,以企业融资为切入点,实证探讨互动式信息披露的经济后果。研究结果对日益复杂的信息环境下的信息披露监管与资本市场信息化建设具有重要启示意义。

Corporate disclosure practices in the era of internet and technology innovation are exhibiting a feature of bilateral-interaction,which forms an effective supplement for or a potential alternative to the traditional unidirectional-releasing type of disclosure.To this end,using the question-and-answer data between 2014 and 2017 obtained from the SSE E-interaction platform,this paper empirically explores the economic consequences of the interactive disclosure by taking corporate financing as a starting point.The study carries important implications for disclosure regulation and informatization construction in capital market in the increasingly complex information environment.