We-Media Information Disclosure,Performance Expectation Pressure And Performance Forecast Of Listed Companies

We media information disclosure can be called the most convenient and fast way for investors to obtain information,which has an impact and impact on the traditional information dissemination and market information asymmetry.However,when more listed companies focus on the new "trend" of we media information disclosure,it will also make the information in we media mixed up.When the company’s performance drops or faces the expected pressure of capital market performance,is it possible for listed companies to use we media to cover up their real "bad news" and actively use we media to create a healthy and upward atmosphere for enterprises? Performance forecast is also an important channel for investors to obtain predictive information,which is conducive to improving the usefulness of decision-making and increasing the prediction function.Similarly,as voluntary information disclosure,we media information disclosure has more advantages in regulatory constraints and communication and interaction than official performance forecast disclosure.Therefore,it is unknown whether the economic consequences of we media information disclosure and the motives and purposes of different management levels will affect another information disclosure behavior of the company-performance forecast.Based on the background of the rapid development of we media platform,this paper selects the annual data of A-share non-financial listed companies from 2009 to 2020 for empirical test to study the impact of we media information disclosure of listed companies on performance forecast.This paper uses PSM to solve the problem of sample self selection,and makes an empirical study on the matched samples.It is found that the self media information disclosure of listed companies will have a substitution effect on the performance forecast,that is,the performance forecast disclosure will significantly reduce,and lead to the increase of the deviation of the performance forecast and the width of the performance forecast interval.And when the expected pressure of capital market performance increases,the masking effect of we media platform is more significant,which reduces the quality of performance forecast to a greater extent.In further analysis,companies with "performance change" will actively create a good atmosphere of rising performance through we media channels to cover up the real bad news.At the same time,the worse the company’s information environment is,that is,the greater the progress of earnings stimulation in the previous period,the greater the smoothness of earnings and the lower the transparency of the company,the more motivated enterprises are to use the advantages of we media information disclosure to distract investors’ attention,so as to reduce the disclosure of official performance forecast information.From the perspective of two channels of voluntary information disclosure,this study discusses the masking motivation of enterprises to use self media information disclosure,and provides micro evidence for self media to become another manipulated information disclosure channel.Therefore,relevant departments urgently need to pay attention and formulate corresponding systems and norms to avoid the development of self media information disclosure into another manipulated information channel.Moreover,in the era of big data,information users do not need to consider how to obtain information and whether they can obtain it.What they should pay more attention to and screen is the reliability and quality of information.Therefore,it puts forward greater requirements for rational investment in the capital market,and also requires the joint efforts of investors and capital market participants to promote the stable and healthy development of the capital market.