Research On The Impact Of Self-Media Information Disclosure On Stock Market Liquidity

Information disclosure is the behavior of listed companies to show their social responsibility to investors in accordance with the principle of openness.It is also the necessary driving force for the healthy development of the securities market.Voluntary information disclosure,as an effective supplement to mandatory information disclosure,has always played an important role in the securities market.In recent years,with the progress of science and technology,the media and channels of voluntary information disclosure have gradually diversified.As the largest self-Media platform in China,Sina Weibo has its unique advantages.The information disclosure of listed companies through micro-blog can improve the information environment of the market,reduce information asymmetry and enhance market liquidity.Microblog disclosure is different from the previous information media.It reduces the filtering and screening of the disclosed information and improves the efficiency of information dissemination.At the same time,microblog's function of forwarding and commenting can promote the dissemination of information among investors.It can also provide information feedback mechanism for companies and optimize the information environment of the securities market.Finally,investors receive the information disclosed by Weibo to make corresponding trading decisions,which affects the liquidity of the company's stock.Taking the official microblog as the research object,this paper selects 35 listed companies with active official microblog in software and information service industry as samples,and deeply studies how the disclosure of sample companies through official microblog from 2014 to2018 will affect the liquidity of the company's stock.This paper chooses the number of micro-blog monthly releases,the number of micro-blog forwarding comments and different types of micro-blog releases as the main explanatory variables.At the same time,liquidity indicators(turnover rate,transaction amount)and non-liquidity indicators(ILLIQ,TPI)are selected as the indicators to measure the liquidity of the company's stock,and constructs a multiple linear regression model for empirical test.The results show that the number of micro-blog releases and stock flow are Motivation is positively correlated but not significantly,mainly because noise microblogging distracts the attention of investors and affects investors' correct response to effective microblogging information;the number of comments forwarded by microblogging is positively correlated with stock liquidity,indicating that the effective microblogging information that investors pay attention to can help improve the company's stock liquidity;the more microblogs that have a significant impact on the company,the more beneficial it is.Liquidity of company stock.The results of this paper prove that official micro-blog information disclosure can improve stock liquidity and reduce information asymmetry in the securities market,which provides guidance for listed companies to broaden information disclosure channels and further optimize the use of micro-blog as a voluntary information disclosure channel.