| Since the rise of media platforms,more and more people have chosen to exchange information through them.It also provides a new channel for the disclosure and dissemination of capital market information,and plays a certain information role.Compared with traditional media such as newspapers and news,self-media platforms have higher fairness,diverse information presentation methods,and fissionable dissemination,with higher timeliness and interactivity.Simultaneously,self-media platforms are more autonomous,which means companies can choose the disclosure content,and may disclose more information that is beneficial to the company,and guide investors’ sentiment,which has emotional effect.From the perspective of asset mispricing,this paper explores the impact of self-media information disclosure on capital market pricing efficiency,and analyzes it from two aspects:information effect and emotional effect.Based on information asymmetry,investor bounded rationality and other theories,we collect data about the using of self-media of A-share listed companies and the content of disclosures.Then through empirical research method,we analyze the impact of self-media information disclosure and the specific content of the disclosure on asset mispricing,and furtherly we research whether institutional investors and investors’attention to information can affect the effect of information disclosure on asset mispricing.The results show that self-media information disclosure can suppress asset mispricing through information effect,and the more useful information in the disclosure content,the more mitigating asset mispricing.In addition,institutional investors’shareholding and investors’attention to information can strengthen the inhibitory effect of disclosure on asset mispricing.The conclusions of this paper not only enrich the research on self-media information disclosure,but also provide a certain reference for relevant departments to improve the supervision of self-media disclosure. |
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