Financial Self-media Attention And Stock Price Information

The private information transaction of listed companies is a key factor affecting the information content of stock price characteristics,which mainly affects the information available to investors through disclosure environment and communication channels.With the rapid development of information technology,the form of media communication has undergone tremendous changes,and we-media has quietly emerged.As an important information intermediary in the capital market,financial self-media participates in information mining and news reporting,helps investors to screen information,changes investors’ information reading habits,and improves the efficiency of information transmission between the capital market and market participants.Then,whether the attention of financial we-media will affect the stock price synchronization of listed companies,this paper attempts to study this issue.Considering the extensive influence of We Chat,this paper selects the We Chat public account as a proxy sample of the we-media.First,through the review of relevant literature and theoretical research,reasonable assumptions are put forward,and a model is constructed to empirically test the effect of financial we-media attention on the synchronization of stock prices.Secondly,the group examines the degree of influence of different natures of self-media on the synchronicity of stock prices;finally,it further explores the effect of analyst behavior on the above process.This paper uses the two-stage least squares method 2SLS to reasonably solve the endogeneity problem.In addition,this paper conducted a robustness test by replacing the explained variables and the main control variables,and the results were also significant.The study found:(1)The higher the financial we-media’s attention to listed companies,the lower the stock price synchronization.The behavior of financial we-media to increase attention to listed companies actually conveys more company-level idiosyncratic information to the market,improves the information content of the company’s stock price,and thus significantly reduces the synchronization of stock prices;(2)traditional financial media brands Compared with the new media brand,it has a greater impact on the synchronization of stock prices.Investors have limited attention and energy,so they have more trust preference for relatively traditional and authoritative media brands;(3)analyst attention weakens the impact of financial self-media attention on stock price synchronization.Analysts’ attention provides more macro-level and industry-level information,which complements the company’s idiosyncratic information delivered by the media.The company’s idiosyncratic information content is relatively neutralized,and the process of reducing the synchronization of stock prices is weakened.The possible research contributions of this paper are mainly reflected in the innovation of research perspectives and sample data.The existing literature on the influence of media information on stock price synchronization mostly focuses on traditional news media information such as paper media and Baidu search,and there are few studies on new media information.The research on new media information mainly focuses on the official new media opened by listed companies.This paper selects the social media with the largest number of users in China—We Chat official account as a research sample,from the perspective of third-party news reports,objectively discusses the impact of financial we-media on the synchronization of listed companies’ stock prices,and has implications for China’s capital market in the new media era.The development of the capital market has put forward corresponding suggestions and measures,which will help to improve capital market supervision and improve market effectiveness.