The Research On Reaction Of Listed Companies' Wechat Information Dissemination In Stock Market

With the advent of the era of big data,social media is not only a platform for interpersonal communication,but also an important medium for listed companies to publish information.The information disclosed by the traditional media to the public has a tendency.They tend to report on companies with high visibility and large company scale,ignoring the information disclosure requirements of small companies or newly listed companies.Moreover,the cost of the company and investors is high,so that company information can only be transmitted to a part of investors,resulting in information asymmetry.WeChat's unique direct access information technology actively pushes information to investors,increases the number of information disclosures,expands the scope of information disclosure,increases investor attention,and reduces information search integration,improving information asymmetry between enterprises and investors,which also sparked academic interest in the disclosure of information on the WeChat public account.At present,the research WeChat information dissemination and stock market has not been unified.Therefore,under the background of the rapid development of WeChat in China,it is of theoretical and practical significance to explore the influence of WeChat information dissemination on the stock market.Based on the annual report data of 2018 on exchange,this paper mainly uses the event analysis method to explore the impact of WeChat on the stock market by transmiting the exchange's annual report.The empirical analysis of the single factor model of excess cumulative return rate and excess cumulative trading volume shows that compared with the WeChat non-forwarding exchange annual report information,the excess cumulative return rate has also increased,but the magnitude of the change is less than the change in the excess cumulative trading volume.The significantness of the trading volume and the yield rate indicates the information dissemination role of the WeChat public account.The multivariate regression model analysis of stock liquidity found that the behavior of WeChat forwarding exchange's annual report is significantly related to stock liquidity,increasing stock turnover and turnover,and reducing stock volatility.The paper provides evidence support for listed companies to use the WeChat disclosure exchange annual report to have a positive effect on the stock market,and also expands the relevant theories of social media information disclosure and stock market.The conclusions drawn in the paper also have reference to the channels for listed companies to disclose information on a voluntary basis,as well as the choice of social media that investors are concerned about and the CSRC regulates the voluntary disclosure of information by listed companies.