The Effect Of Microblog’s Information On Corporate Performance

With the popularity of the Internet and network technology,the digital information and communication technology has greatly changed information transmission path as well as the depth and breadth,thus brings opportunities and challenges to the enterprise.As twitter becomes popularity in the field of economy,some enterprises have also join in microblog Some researchers indicate that twitter plays more influence on enterprise’s information disclosure,while domestic researchers focused more on the function of microblog,rarely use empirical research on the effect of the information disclosure on enterprise.Based on the research of related literature of the microblog,combined with the characteristics and present situation of microblog,we formed the angle and the thought of this paper.This paper is based on the objective data of listed companies of the information technology industry during year 2010 to 2013.From two angles of financial performance and market value,the empirical research is aimed at researching whether the information disclosure of the microblog has influence on enterprise value.The results show that microblog has no significant effect on the financial performance,but the bigger the scale is,the more positive and significant impact on financial performance it has.Microblog has significant positive effect on market value,and the bigger the scale is,the more obvious the effect has.Secondly,this paper also reasearch the influence of the information transmission path on the corporate value such as followed number,comment number as well as original data and hyperlinks data.The results show the same conclusion,but still has difference among different information transmission paths.As the information of microblog has positive influence on enterprise value,enterprises should accelerate the construction of the official microblogging platform,correct the understanding of the influence of the information transmission path on the corporate value and then strengthen the management of microb log.On the other hand,the government should strictly supervised the platform of microblog’s information disclosure.On the basis of standardizing the contents and methods of information disclosure,government can authorize the microblog as information disclosure platform to investors.In this paper,the empirical conclusions may contribute to the following studies.