Social Media Investor Attention?information Disclosure Quality And Financing Cost

Due to the rapid development of Internet information technology,more and more people tend to get information through the Internet,micro-blog WeChat and other emerging social media has become a contemporary indispensable social tool,the importance of media attention and has rapidly weakened,the rise of social media has gradually become an important channel for investors to obtain stock market and listed company information.according to the third party data like the international data ALEXA and domestic authoritative iResearch data show,East Fortune website daily page views more than 100 million,whether institutional investors or small retail now more is through the network to timely access to a variety of stock information.Compared with traditional media,social media because of its concern,forwarding,comments and other functions makes the dissemination of information to form a unique ring,chain,tree structure,so as to promote the spread of fission information,on the capital market to provide information and communication and information access and timeliness has brought great influence and change,to improve the company's information environment,improve the efficiency of capital market.Based on this,this paper takes the cost of capital which is one of the core areas of financial decision-making as the foothold,and studies how the social media investor attention degree which is the external governance factors of company affect financing cost,and tries to expand the field of corporate financing cost research.On the other hand,information disclosure is a key factor affecting the cost of capital.As Bridge of communication,information disclosure is linked to various types of roles,such as the investor,the financier,the regulator,and so on.The level of quality of information disclosure will directly determine the capital market to optimize the allocation of resources are effective,determines whether the capital market healthy development,therefore,taking the quality of information disclosure as an internal governance mechanism,to study its effect on the cost of financing.In this paper,we take the data of Shenzhen stock exchange A share listed companies from 2012 to 2016 as research samples,empirical inference the influence of social media investors' attention and information disclosure quality on the cost of capital,and the interaction of information disclosure quality and social media influence of investors' attention to the financing cost,further research on different effects of the information disclosure of quality between the cost of equity financing and the cost of debt financing.The study found that social media investor concern can significantly reduce the cost of equity financing,but it has no significant correlation with the cost of debt financing;the higher the quality of the information disclosure of listed companies,the lower the cost of equity financing and the cost of debt financing,and the further research found that the social media investors are closed.The quality of injection and information disclosure has a complementary effect on the cost of equity financing.In the case of other conditions,the higher the social media investors' attention,the higher the sensitivity of the equity financing cost to the quality of information disclosure.Similarly,the higher the quality of information disclosure,the higher the sensitivity of the equity financing cost to the social media investor's attention.