| Since entering we-media era,the innovation and development of communication technology has influenced people's psychology and habits.The emergence and rapid development of “micro platform” has greatly impacted the traditional media.For companies and ordinary investors,this is not only the technology innovation,but the innovation of communication channels and ways.As the typical representation of “micro platform”,the “micro-blog” and the Wechat,which belong to we-media,can transmit information to their users.However,micro-blog develops earlier than Wechat,and its way of information delivery is more intuitive and diverse,its information is richer.On the micro-blog platform,the user can “sent” the message,and at the same time,can choose the information they interested to read.With the combination of these two features,companies and investors can have more initiative in sending,accepting and choosing of information.The principal-agent theory came into being because the separation of company's ownership and management,which not only triggers agency problem and produces agent cost,but also lead to the information asymmetry between managers and investors: managers grasp more information,while the investors can only get the“willingly released information”.The problem of information asymmetry caused by this is more prominent in the information disclosure process.The use of micro-blog to reveal information can broaden information disclosure channels and can effectively reduce the information asymmetry and enhance market liquidity.Based on the combing and summarizing the research literature at home and abroad,this thesis makes an in-depth discussion on analysis of information asymmetry,transaction cost and signal transmission theory,so as to establish the basis for empirical research test.The research samples are 195 information technology companies listed in Shanghai Stock Exchange and Shenzhen Stock Exchange,of which 104 have officially launched micro-blog,and 31 of them have been actively using Sian micro-blog platform to release company's financial affairs,honorable information,and technological information etc..Furthermore,973 pieces of disclosed information from micro-blog were observed through manual preview and being read one by one.Based on the time records of these data,we correspondingly get the financial data of listed companies such as the company size and priceearning ratio.Variable-definition and the model construction are based on the principle of accurately reflecting the impact of micro-blog's information disclosure on capital market liquidity.Three explained variables--stock turnover,turnover rate and bid-ask spread are set,which are regarded as the proxy variable of market liquidity.Two explained variables-microblog message forwarding quantity and reply quantity are set,which are regarded as the representative variable of micro-blog information disclosure.And 3 control variables--margin of change,size of company and price-to-earnings ratio are set.In addition,when distinguishing company features,total asset of the company is used to judge the size of company,and using the number of fans to distinguish the star enterprises and non-star enterprises.Finally,based on regression coefficient,it analyzes and explores the micro-blog information disclosure's impact on market liquidity,company scale's impact on liquidity and the star-company or non-star company's impact on liquidity.In addition,three kinds of robustness tests were made on the research content.The result of the study shows that by information disclosure,the listed company can improve the quality of information disclosure and better safeguard investor relations through micro-blog,reduce information asymmetry and enhance market liquidity;small companies and non-star enterprises should broaden the channels of information disclosure and improve their information transparency. |
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