The Impact Of Weibo Information On Cost Of Equity Capital

In recent years,the relationship between information disclosure and the cost of equity capital has always been an important research topic for gathering people's attention.At present,the disclosure of corporate information in our country,for listed companies,the development of information disclosure space is relatively large.With the advent of the "Internet +" era and the continuous popularization of the Internet,digital information and communication technologies have greatly changed the way information is delivered and the impact of information dissemination.In the meantime,the influence of self-media platforms such as Twitter is beginning to shine in the economic fields of developed countries.Many Chinese enterprises have also joined the self-media ranks of Weibo.As an emerging digital media transmission system,Weibo has become an important medium for many enterprises to disseminate their own information with the help of efficient and convenient information dissemination channels and extraordinary communication capabilities.Weibo platform has also become a voluntary information disclosure development The important direction.The issue of cost of equity capital has always been an important constraint to restrict the development of SMEs,especially private-owned enterprises.The establishment of the SME board in the Shenzhen Stock Exchange in 2004 marked a significant step for the financing of SMEs in our country.However,in fact,the financing of small and medium-sized private enterprises is not an easy one.Asymmetric information and a series of constraints,so that enterprises are eager to find such a recipe to ease the high cost of capital.As a new platform for voluntary disclosure of information,weibo is not only a platform for displaying its own and brand's display windows and information,but also a medium for establishing communication hubs between enterprises and investors.However,to date,the disclosure of Weibo information is still an emerging field of research.In particular,domestic research is still in its infancy.Therefore,whether the appearance of Weibo information disclosure can effectively reduce the cost of equity capital is an important topic for the development of new information disclosure approaches.The purpose of this article is to study the relationship between the official microblogging information disclosure and the cost of equity capital and to put forward effective methods and suggestions to improve the cost of equity capital of small and medium-sized private enterprises.Based on the actual situation of different marketization caused by the difference of regional endowments in the process of capital market development in our country,based on the Weibo information and data of Sina Weibo,this paper selects the small and medium-sized private listed companies from 2011 to 2016 as The object of this study is to calculate the cost of equity capital using the capital asset pricing model(CAPM).From the perspective of the amount of various types of information released by the official microblog,the impact of the official microblogging information on the cost of equity capital is investigated empirically.The results show that the more micro-blog information companies disclose on the official Weibo platform,the lower the cost of equity capital of listed companies.For the proportion of Weibo's different types of information,the company's official Weibo platform discloses that visual information and original information have a negative impact on the cost of equity capital to some extent.The greater the proportion of the above types of microblogging information disclosure,the more beneficial it is to reduce the cost of equity capital.For the enterprise-related information,the impact of different information content on the cost of equity capital is different.The proportion of business information and financial information content has a significant impact on the cost of equity capital.The influence of the proportion of R&D and reputation information on the cost of equity capital is not significant.The degree of marketization in the regions where the enterprises are located has a significant impact on the negative correlation between the disclosure of Weibo information and the cost of equity capital.The higher the process of marketization,the more significant and stable the negative correlation exists.Therefore,this paper puts forward the suggestion that enterprises should pay attention to the operation construction of this new information disclosure platform of Weibo and improve the content of the official Weibo platform in order to reduce the cost of their own rights and interests,and the state regulatory authorities should further implement the regulation of regional differences,Adjust the regulatory policies for different regions.