Weibo,Voluntary Disclosures And Earnings Quality

In recent years,the rapid development of Internet technology and communication technology has also increased the usage rate of emerging network social media.Taking sina weibo as an example,the online social media has also changed the types of information of listed companies and the way of information dissemination to some extent,and also provided new research ideas for scholars.Based on the total number of Internet users and sina weibo users,by the end of 2018,sina weibo users has reached 463 million,daily activity as high as more than 200 million,sina weibo users accounted for 42.5%of the number of Chinese netizens,and enterprise account size of 600 million fans,reading quantity of enterprise account also reached $670 billion,for the development of the enterprise also has a certain impetus.Through the search of relevant domestic and foreign literature,it is found that in the past,the research of Chinese and foreign scholars focused more on the functional areas of the emerging netw ork social media,and some of it involved the research on the quality of accounting information by corporate sina weibo information disclosure.This paper focuses on whether enterprises open micro blog,and discusses whether micro blog information provides new information and how it will affect the quality of financial information compared with news reports and company announcements?On the basis of transaction cost theory,principal-agent theory,signal theory,information asymmetry theory efficient market hypothesis and other theories,this paper selects A-share listed companies in China from 2010 to 2013 as the actual research sample,and empirically investigates the impact of WEIBOging information disclosure of listed companies on their surplus information quality.The results show that:opening micro blog to disclose information is conducive to reducing the company's accrual and real earnings management level;after opening micro blog,the company's earnings response coefficient(ERC)has been significantly improved;the more companies release NEG news,the greater the degree of reduction of accrual earnings management and increase of earnings response coefficient;micro blog information and existing company announcements,news reports and The information of the exchange interaction platform presents a relatively independent relationship.For simultaneous equation system,self selection model,PSM and quadratic difference method,the above conclusions are still robust.The research significance of this paper is as follows:firsts in the pasts the research on micro blog mainly focused on its function.From the perspective of social network micro blog,this paper studies the impact of the listed companies' opening of micro blog to disclose information on their earnings information quality,which not only enriches the research results of micro blog,but also expands the field of vision of research on earnings information quality.Secondly,the conclusion of this paper supports the positive significance of the company's decision-making behavior of iuternal financial information disclosure.Thirdly,the conclusion of this paper reviews the relationship between the two is discussed in depth voluntary information disclosure and compulsory information disclosure,,which is of reference significance for the regulatory authorities to formulate the standards of social network information disclosure based on WEIBO.