We-Media R&D Information Disclosure,Enterprise R&D Innovation And Stock Returns

In recent years,due to the national innovation-driven development strategy,many enterprises carry out more R&D activities and also willing to invest more in R&D activities,in order to obtain the source of power to promote the long-term development of enterprises.At the same time,investors are also extremely concerned about enterprise R&D information.However,due to the long duration of research and development activities and the difficulty of technological innovation,the possibility of research and development failure is high.How should enterprises meet the information needs of investors and rationally use the information content of research and development information to create value for enterprises in advance? At the same time,in the context of this era,digital media is developing rapidly,how can irrational individual investors accurately capture value information for investment decisions under the circumstances of limited attention and weak information cognition and analysis ability? These are all questions worth studying.By the method of event research,this paper tests the monthly data of A-share non-financial listed companies from 2009 to 2018,analyzes the R&D information disclosed by the we-media on the stock earnings forecast and the mechanism of its effect.By combining information and behaviors,this paper also examines the moderating effects of corporate R&D behavior and innovation quality on the prediction of stock returns by we-media R&D information.The study found that whether listed companies disclose we-media R&D information and the amount of wemedia R&D information postings can significantly positively predict stock returns.The mechanism is that we-media R&D information predicts stock returns by positively predicting the unexpected earnings in the announcement of future quarterly earnings.When enterprises invest more in R&D,have more innovation output or have higher innovation quality,we-media R&D information plays a more significant role in returns prediction.Further research found that the information dissemination path will not affect the predictive effect of we-media R&D information on the stock returns.But there is an inevitable fact: the forecasting effect will increase with the attention of outside investors.At last,we also put forward targeted suggestions for different subjects in this article: First,listed companies should make full use of we-media to actively release R&D information and use this to improve asset pricing.Second,investors can effectively use wemedia R&D information to build a practical and feasible portfolio and obtain excess returns.Third,while guiding listed companies to make rational use of we-media to release R&D information,regulators also should crack down on false disclosure.This article not only supplements the relevant literature on the impact and consequences of we-media information disclosure,but also provides guiding opinions for enterprises to use we-media rationally and strategically to create value and help investors make better investment choices.