| In recent years,official micro-blog,WeChat official account and other media platforms have changed the way of information dissemination from the media platform with simple,equal,efficient and quick self media characteristics,widened the channels of information disclosure,and greatly reduced the information acquisition cost of investors in the capital market,and gradually become an important channel for issuing and transmitting accounting information.By using the advantages of self-Media effectively,listed companies can provide investors with accounting information,which can promote investors to understand the financial situation of enterprises in time,and is of great significance to improve the information environment of enterprises and the efficiency of capital market investment.However,at present,neither domestic and foreign regulatory agencies nor listed companies have formed self-Media information disclosure standards,and there are great differences in the content,form and interaction of self-Media information disclosure.On the basis of theoretical analysis and case study,this paper will analyze the situation and influence of self-Media information disclosure of Listed Companies in China,and provide reference for regulators to formulate policies and regulations,enterprises to publish self-Media information and investors to use self-Media accounting information.Firstly,this paper analyzes the level of self media accounting information disclosure of 130 A-share listed companies in Shanghai and Shenzhen stock markets.Meanwhile,SAIC is chosen as the case study.It has detailed statistics of all information disclosed by SAIC in official micro-blog and WeChat official account in three years from 2016 to 2018.It also analyzes the characteristics of accounting information push,content,form of disclosure,frequency of updating,interaction status,and analyzes the connection between Accounting information disclosure and market reaction of SAIC,and points out that Existing problems and deficiencies.Finally,the paper puts forward improvement measures and suggestions on the existing problems.This paper finds that the case company’s self media platform has gained a high degree of attention.It can regularly use the self media to disclose accounting information and interact with investors with the help of the self media platform,so as to provide more incremental information for investors,so as to enhance investors’ confidence in investment and even increase the stock price.From the perspective of the characteristics of self media information disclosure,in terms of disclosure content,compared with theaverage level of the same industry,case companies can use self media to disclose more accounting information such as annual report,semi annual report,operating income and net profit;in terms of disclosure form,case companies use self media such as pictures,videos and links to disclose accounting information;in terms of disclosure frequency In terms of interaction,the interaction rate between the case company and its own media followers is lower than the industry average.From the perspective of market reaction of self media information disclosure,in terms of disclosure timing and stock price fluctuation,the case company will choose to use self media to disclose accounting information to stimulate the stock price to rise when the stock price continues to fall;in terms of disclosure content,the case company will use self media to push accounting information and performance achievement information to stimulate the stock price to rise;in terms of disclosure timing and stock price fluctuation In terms of price fluctuation,the case company’s long-term non disclosure of accounting information will lead to the decline of the company’s stock price;in terms of disclosure form and stock price fluctuation,the study found that pictures have a greater impact on the stock price fluctuation than text forms.At the same time,the study also found that although the case company has its own characteristics in the self-Media accounting information disclosure compared with the listed companies in the same industry,there are also some problems,mainly including the content of information disclosure is jumbled,the form of accounting information disclosure is limited,the frequency of accounting information update is low,the interaction with the self-Media followers is too little,and the main purpose is to disclose good news Combined with the above problems,the corresponding improvement measures are put forward from three perspectives of corporate information governance,government departments and self media platform. |
