The Impact Of Microblog Information Disclosure On Corporate Performance Volatility And Its Mechanism

The continuous development of Internet technology has changed the path of information transmission and increased the depth and breadth of information dissemination.A new social platform represented by Microblog has emerged at the historic moment,which has significantly increased the number of company information disclosures and profoundly changed the types and dissemination methods of company information disclosure.Domestic scholars pay more attention to the function of Microblog,and less on the research on the impact of corporate microblog information disclosure on company performance.As a new way for the company to disclose voluntary information,will Microblog reduce information asymmetry and improve the transparency of the company's financial information? Will it also have an impact on the company's performance volatility? By combing the relevant literature,the research in this paper finds that the disclosure based on Microblog has a significant effect on improving the transparency of company information.This paper first studies the impact of Microblog information disclosure on the volatility of listed companies' performance,and secondly analyzes whether Microblog information disclosure will affect the company's earnings management,thus revealing the channels through which Microblog information disclosure may affect performance volatility.It is discussed whether there is a difference in the impact of Microblog information disclosure on the performance volatility of different characteristic companies.This paper takes all A-share companies from 2010 to 2017 in China as the research sample,and uses the year-to-year rolling method to calculate the four-stage performance volatility data in a five-year cycle.Combined with the micro-blog data collected manually,it's found through regression analysis: Microblog information disclosure will significantly increase the company's performance volatility.On this basis,considering that earnings smoothing is one of the important financial goals that the company has to achieve,and according to the information ?transparency concept?,the microblog information disclosure and the accrued earnings management and real earnings management indicators are correspondingly returned.The results show that Microblog information disclosure can improve the information disclosure level of listed companies,help external investors understand the company's real operating conditions,reduce the company's earnings management,and thus increase the company's performance volatility.In order to ensure the stability and reliability of the above conclusions,this paper further discusses the impact of Microblog information disclosure on the company's performance volatility under different property rights,different scales and different performances.The regression results show that for companies with non-state-owned attributes,small scale or poor performance,Microblog information disclosure has a higher degree of increase in its performance volatility;on the contrary,companies with state-owned attributes,large-scale or good performance may Weaken the impact of Microblog information disclosure on performance volatility.The research in this paper shows that the company's information disclosure through Microblog is valuable.For listed companies,focusing on the stability of the company's operations is one of the focus of the company's finances.Therefore,this paper believes that: First,listed companies should pay attention to the company's performance fluctuations and prevent the company's operating risks.Second,regulators should encourage,support,and guide companies to open microblogs or make voluntary disclosures through other social media.Third,in order to avoid false disclosures by the company,the supervisory authority should strengthen supervision and regulate the company's disclosure behavior.