Research On The Impact Of Listed Companies 'Microblogging Information Disclosure On Stock Price Crash Risk

In recent years,with the dramatic impact of the United States Twitter in the economic field,China's self-reported media,represented by Sina microblog,has become the most popular news dissemination platform in China today.More and more listed companies have opened official microblogs for information disclosure,providing analysts,investors and other stakeholders with more corporate information.There are many foreign studies on the impact of Twitter information on companies,while domestic research on the impact of microblogging information focuses on corporate performance,stock price synchronization,etc.,and few articles on microblogging information disclosure impact on the stock price crash risk.And as a kind of malignant economic consequences,the stock price collapse risk has seriously affected the stability of the financial market and even the development of the real economy.In this context,studying the impact of microblogging information disclosure on the stock price crash risk has important theoretical value and practical significance.This article takes a sample of A-share listed companies that have been excluded and screened from 2007 to 2016,and considers whether opening microblogging enterprises reduces the stock price crash risk and whether microblog plays a compensating role when analysts are less concerned.The empirical results show that:(1)The listed companies'microblogging information disclosure can significantly reduce the crash risk of stock price and play an active role in mediation and dissemination.(2)The less concern the analysts of listed companies are,the higher the stock price crash risk,and the positive effect of microblogging information disclosure on the crash risk is more significant,indicating that opening microblog can strengthen information disclosure and provide a good platform for corporate information disclosure.The conclusions of this paper provide theoretical support for enterprises to open official microblogs for information disclosure and improve the quality of information disclosure,and provide certain empirical evidence for optimizing the disclosure behavior of listed companies in China and maintaining the stable development of capital markets.Microblogging information disclosure can reduce the stock price crash risk,and can play a reinforcing role when the analysts pay less attention.On the one hand,companies can enhance the content of microblog information and improve the quality of information disclosure.On the other hand,analysts should establish a good professional ethics and provide investors with more useful information.