Research On The Influence Of Social Media Information Disclosure On Financial Constraint

In recent years,against the background of the development in the artificial intelligence device and telecommunication,the information disclosure on social media has played an increasingly important role in the public information sharing and dissemination.On the one hand,the emergence of social media makes the sources of information more diverse.Compared with traditional media such as newspapers and television news,social media provides a new platform for non-official subjects,such as individuals and enterprises,to release news.On the other hand,the emergence of social media has changed the way of information dissemination,making platform users become the main force to promote information dissemination.Social media is faster and more efficient than traditional media in disseminating information,which satisfies the requirements of information timeliness of participants in capital market,making participants in capital market react to information in time,and reacts to company stock price,thus improving information efficiency and pricing efficiency in capital market.Social media has become a platform for more and more companies to voluntarily disclose information because they can decide the time and content of disclosure.Through the official Weibo and Weixin accounts of registered enterprises,the company has pushed a lot of daily business information on the platform,making social media an effective channel for companies to increase information supply and improve the degree of information asymmetry between the insiders and outsiders.Based on the information asymmetry theory,signal transmission theory and principal-agent theory,this dissertation uses the theory and empirical analysis to verify the influence of information disclosure on the social media on the financial constraints by taking the companies in the Shenzhen and Shanghai exchange house as research samples.Besides,the dissertation introduces the institutional investors ownership as the moderator to verify the influence of information interpretation of institutional investors.The results show that the registration of company account on Xinlang Weibo can relieve the financial constraints faced by the companies.Further analyses show that the information disclosure in Weibo account,such as operating and financial information can also relieve the financial constraint.After adding the institutional investor as the moderator,the coefficient of interaction is still significant,which supports the influence of institutional investors' information interpretation.The dissertation studies the influence of information disclosure in social media form the perspective of financial constraints,which enriches the literature about social media and provide a new perspective for the study of media information.At present,the Securities Regulatory Commission has strengthened the guidance and supervision of online media information disclosure to ensure that investors can obtain fair,objective and authentic information.In practice,this paper provides the reference for relevant department to formulate policies to regulate social media information disclosure of listed companies,and also provides policy recommendations for listed companies to try new information disclosure channels and improve corporate information transparency.