Research On Market Effect Of Self-media Information Disclosure Empirical Analysis Based On The Data Of WeChat Official Account

Information disclosure is an important basis for the realization of the public principle of capital market,and it is also the motive source and important guarantee of the development of modern capital market.According to the efficient market hypothesis,stock price information can reflect the relevant market information in different degrees,the listed company information disclosure can bring to the market new supply of information,improve the market environment of information,reduce information asymmetry,improve the liquidity of the market.In the actual operation process,listed companies often need to make full use of specific information media to complete information disclosure.According to past studies,newspapers,teleconferencing,network discussion boards,search engines and other information media all play an important role in information disclosure.With the rapid development of mobile Internet technology,self-media as a new information media is not only a platform for information release,but also an important channel for interpersonal communication and information dissemination.As the largest medium of self-media information in China,WeChat has more than 800 million active users,covering more than 2/3 of the population in the country.WeChat public number is WeChat's important platform for information dissemination and dissemination.More and more public companies begin to open official WeChat public accounts and disclose relevant information through public numbers.The push function of public number allows the listed company to publish information voluntarily to subscribers.The way of information disclosure,which is grasped and completed by the listed companies,reduces the information filtering and screening of information intermediaries,and improves the efficiency of information dissemination.What's more,this voluntary information disclosure can bring new information supply to the market and reduce information asymmetry.Meanwhile,WeChat's forwarding and comment function can promote information transmission among investors and further improve the information environment of the market.Finally,the information role of the WeChat public is reflected in the stock exchange information of the company through the trading behavior of the investors,and produces the corresponding market effect.Taking WeChat public number as the research object,this paper selects the listed companies with 29 active WeChat public numbers in the computer application and manufacturing industry as well as software and information services as samples,and further studies the market effect of WeChat public number.Read this article to reflect whether the listed company information disclosure index variable WeChat and twitter information as the main explanatory variables,and select the excess stock returns and excess volume and reflect the stock liquidity turnover rate index system,transaction amount and quantity fluctuation is constructed to represent the market effect,the establishment of information function,the multivariate linear regression model empirical.the number of public test WeChat found that behavior can significantly improve the volume of excess stock and the liquidity level of WeChat information disclosure of listed companies,the impact of increased with the expansion of the wide dissemination of information at the same time,WeChat information disclosure interference positive effect on excess volume will be affected by the "noise" of information.The research results show that WeChat public account has information function,enriches the information asymmetry theory,and provides empirical evidence for regulators to make new media disclosure policy and improve the efficiency of capital market.