上市公司网络新媒体信息披露研究——基于微博的实证分析
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| Title | A Research of Listed Companies’ Information Disclosure through New Media：An Empirical Analysis Based on Microblog
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| 作者 | 陈信元 何贤杰 王孝钰 李贺 |
| Author | Chen Xinyuan He Xianjie Wang Xiaoyu Li He |
| 作者单位 | 上海财经大学会计与财务研究院 |
| Organization | Shanghai University of Finance and Economics |
| 作者Email | xychen@mail.shufe.edu.cn |
| 中文关键词 | 微博 自愿性信息披露 公司治理 |
| Key Words | Microblog; Voluntary Disclosure; Corporate Governance |
| 内容提要 | 近年来，微博等网络新媒体在公众的信息分享、传播中扮演了越来越重要的角色。这些网络新媒体的出现不仅开创了人际传播的新模式，而且对资本市场的信息提供、传播以及信息获取方式、途径和及时性带来了重大的影响和变革。本文通过手工收集并逐条阅读上市公司在新浪微博上发布的信息，首次对上市公司微博信息披露进行了考察。研究结果显示，目前上市公司通过微博披露的信息内容非常广泛，其中披露比例最高的为公司经营类信息，尤其是销售合同、企业获奖和研发创新类内容。这些信息中，未经公司正式公告披露的信息，约占微博信息披露总量的84%。进一步地，我们还考察了上市公司特征对其开设微博意愿及发布信息数量的影响。研究结果显示，公司治理水平越高的公司越倾向于开设微博，并发布更多的与公司密切相关的信息，尤其是未经公司正式公告披露的信息。 |
| Abstract | In recent years, new media such as Microblog plays a more and more important role in information sharing and communicating. The emergence of the network not only creates a new mode of interpersonal communication, but also brings significant impact and change to approaches and timeliness of information dissemination on the capital market. In this article, through manual collecting and detailed reading of the listed company information published on Sina Microblog, we investigate Microblog information disclosure of the listed companies for the first time. Results show that listed companies disclose various kinds of information through Microblog, and information about operating accounts for the largest proportion, especially information about sales contracts, awards and R&D innovation. Besides, about 84% of these information are not published through company's official announcement. Further, we also examine the characteristics of listed companies on its willingness to register in Sina Microblog and the number of released information. Results show that the higher the level of corporate governance of the company, the higher probability of registering in Sina Microblog, and more information closely related to the company released, especially the kind of information that are not published through company's official announcement. |
| 文章编号 | WP623 |
| 登载时间 | 2014-04-09 |
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