Research On The Influence Of Internet Public Opinion On The Quality Of GEM Listed Company Information Disclosure

Information disclosure is the bridge between the GEM(Growth Enterprise Market) listed Company and stakeholders, which protects investors’ right to know and plays an important role in reducing information asymmetry. Since Chinese capital market is still developing, the internal governance and the information disclosure quality of GEM Listed Companies are imperfect, investors’ interests are often violated when fraud happens. In recent years, with the widespread of internet, internet public opinion has become an important role in the development of the capital market, which attracts more and more attention of investors and regulators. Therefore, to study the impact of the internet public opinion on the quality of GEM listed company information disclosure is good for improving the quality of the information disclosure, which is both theoretical and practical significant to the protection of investors’ interests.This thesis is mainly about how the internet public opinion affects the quality of the listed company information disclosure. Using theoretical and empirical methods and the related theories of internet public opinion and information disclosure, how total internet public opinion, negative internet public opinion and hot internet public opinion affect the quality of listed company information disclosure is analyzed by taking effects of different operating environment into account.This research is carried on based on the data of 2010-2013 GEM listed company. The results show that:(1) Total internet public opinion has significant influence on the quality of listed company information disclosure;(2) Negative internet public opinion has insignificant influence on the quality of listed company information disclosure;(3) Hot internet public opinion has significant influence on the quality of listed company information disclosure;(4) Compared to companies in poor legal region, total internet public opinion, negative internet public opinion and hot internet public opinion have more significant influence on the quality of information disclosure of the listed companies in good legal region;(5) Compared to companies in high government intervention region, total internet public opinion, negative internet public opinion and hot internet public opinion have more significant influence on the quality of the information disclosure of listed companies in low government intervention region;(6) Compared to the companies in less developed region, negative internet public opinion and hot internet public opinion have more significant influence on the quality of information disclosure of listed companies in developed region.In thesis, the main contribution and innovation are shown as follows:(1) Linking the theory of internet public opinion with the quality of listed company information disclosure, this thesis comprehensively studies the impact of total internet public opinion, negative internet public opinion and hot internet public opinion on the quality of listed company information disclosure, which enriches the research works on the field of the influence of internet public opinion on the quality of listed company information disclosure.(2) Considering the different operating environment in China, this thesis further studies the difference of the impact extent of internet public opinion on the quality of listed company information disclosure in different regions, which enriches the research works on the field of the influence of internet public opinion on the quality of listed company information disclosure in different operating environment.(3) Since there is no relevant data of internet public opinion in existing database, the data in this research, including total internet public opinion, negative internet public opinion and hot internet public opinion, are collected by hands; Besides, on the design of index, this thesis firstly proposes the variable of hot internet public opinion in order to study how it affects the quality of listed company information disclosure.