摘要
随着移动互联网技术的发展,人们使用社交平台的频率越来越高,微信等新媒体在信息分享和传播中发挥着重要的作用。企业通过微信进行信息披露不仅开创了人际传播信息的新形式,而且影响了资本市场的信息传递方式。本文选择制造业中经常使用微信发布的两个行业,通过收集2016和2017年微信发布的信息,以在微信已公告的信息作为研究对象。发现企业使用微信发布已在交易所公告的信息可以提高累积超常收益率,并发现微信发布对累积超常收益率的影响在规模相对较小的上市企业表现得更加显著。由此得出结论:使用微信进行信息披露能够减少信息不对称,影响投资者决策,进而体现到资本市场的反应中。
With the development of the Internet and the increasing usage of the social platform,We-chat and so on plays increasing importance in sharing and transporting the information.The way that enterprises transforming relative messages in Wechat is not only the newway of interpersonal communication,but also having great influence on information dissemination in the capital market and the information acquisition.By comparing the information in We-chat and the announcements in Stock Exchanges and collecting the total amount 250 of disclosed information it is found that when enterprises discloses the announcement in We-chat,the accumulated extraordinary rate of return will rise.And on this basis,the effect is more obvious in small firms than the big ones.Consequently,there is a conclusion that the information disclosure by We-chat can reduce the information asymmetry and the influence howthe investors make decisions,further,acting on the capital market.
作者
卢叶
LU Ye(School of Management,Shanghai University of Engineering Science,Shanghai 201620,China)
出处
《智能计算机与应用》
2020年第7期284-288,291,共6页
Intelligent Computer and Applications
基金
上海工程技术大学研究生科研创新项目资助(0233-E3-0903-19-01323)
关键词
信息披露
累积超常收益率
微信
Information disclose
We-chat
Cumulative abnormal return
