Research On The Influence Of We-media Information Disclosure On Enterprise Value

In recent years,with the vigorous development of information technology,we media has emerged suddenly in the field of information communication and social communication,and has become the most popular information communication channel and social position.Compared with traditional information dissemination methods,we-media platforms have many advantages,such as flexibility,low threshold,simple use,low cost,high information disclosure efficiency,wide coverage and strong interaction.With the in-depth development of Internet technology,the social and economic influence of we-media continues to increase,and more and more enterprises begin to realize that information disclosure through we-media has a significant impact on enterprise production and operation,investment and financing activities,and even enterprise value.Based on the above background,this paper takes Sina Weibo,which has a high influence in China,as the representative of the we-media platform,based on the theory of information asymmetry,signal transmission theory,principal-agent theory,efficient market hypothesis,investor behavior theory and other theoretical bases.Through manual sorting,Python crawler,CSMAR and other databases,relevant data of A-share listed companies from 2016 to 20205 were collected and sorted out,and the impact of we-media information disclosure on enterprise value was empirically analyzed.The findings are as follows:(1)Information disclosure through Sina’s official Weibo platform is helpful to enhance enterprise value;(2)After the release of Weibo,the enterprise can promote the improvement of enterprise value by improving the sustainable development ability of the enterprise SGR and reducing the systemic risk Beta faced by the enterprise;(3)The more official microblog posts an enterprise releases,the higher the enterprise value;(4)The more effective disclosure an enterprise makes through the official Sina Weibo,the higher the enterprise value;(5)Compared with state-owned holding enterprises,non-state-owned holding enterprises can better improve enterprise value by information disclosure through Weibo;(6)Compared with enterprises in the dual occupation category,non-dual occupation category enterprises can improve their enterprise value more by information disclosure through Weibo.The innovation point of this paper is that it puts forward the concept of "effective disclosure amount of enterprise microblog publishing",which makes up for the insufficient attention of relevant literatures on the effectiveness of information disclosure of we-media.Meanwhile,the nature of property rights and the combination of two functions are introduced into the heterogeneity analysis as moderating variables,and the research perspective in related fields is expanded.The research of this paper is of great significance for each market entity to fully understand the opportunities and challenges in the era of "we media".