Research On The Relationship Between Listed Enterprises' Information Released On Social Media And Stock Trading Volume

The information disclosure of enterprise is an important factor that can affect its stock trading volume.In the era of Web2.0,social media develops rapidly.On social media,the release of information is convenient,the information spreads fast,and the two-way transmission of information greatly improves the efficiency of communication between individuals.In practice,social media has gradually become an important channel for enterprises to release information.This study is based on the attention theory and information asymmetry theory,and the research object is 142 enterprises of S&P 500 enterprises,we have discussed,in social media situation,the relationship between the listed enterprises' information release and their stock trading volume.The main work and research results of this study are as follows:Firstly,we have researched the relationship between the total number of listed enterprises' information released on social media and their stock trading volume.In this part,we have researched the relationship between enterprises' information and their stock trading volume under circumstance of the new media from the overall perspective,which is different from information disclosure research under the traditional channels.Secondly,this study has carried on the segmentation of the information released on social media from the listed enterprises.The information can be divided into enterprises' image enhancing information and non-image enhancing information.We have researched the relationship between these two types of information and stock trading volume.In this part,we have researched the relationship between enterprises' information and their stock trading volume under circumstance of the new media from the perspective of segmentation,which is the further development of the first part,and lays a solid foundation for the third part of further segmentation.Thirdly,this study has carried on the segmentation of enterprises'image enhancing information,which is divided into product information,earnings information and other image enhancing information.We have researched the relationship between the product information and stock trading volume,the relationship between the earnings information and stock trading volume.In this part,the index of information is greatly similar to information disclosure under the traditional channels,and we have more directly researched the relationship between enterprises'information and their stock trading volume under circumstance of the new media.This study provides a new way to explore the business value of enterprises' social media,and provides theoretical basis for enterprises to release information reasonably on social media,this study can help the managers of enterprises to locate and distribute social media more comprehensively.