| As a representative new media for disclosing corporate and market information,Weibo has become more and more influential in society in recent years.There have been cases of stock price crashes caused by fluctuations in Weibo comments.The existing research on Weibo mostly focuses on whether companies open official blogs and the content of official blogs to build indicators,lack of content screening,and relatively single information publishers.This article is based on the column data of Weibo stocks,combined with the information content of the entire Weibo platform.The sources of information include corporate entities,third-party media,and platform commentaries,etc.,and analyze indicators such as Weibo information activity,user attention,and investor sentiment.The relationship with the risk of corporate stock price collapse.The empirical results found that the amount of Weibo information and investor sentiment indicators are significantly positively correlated with the risk of stock price collapse,while users’ attention to Weibo information is negatively correlated.Among them,large-scale enterprises,state-owned enterprises,and enterprises that have opened official Weibo are not significantly affected by the emotional fluctuations of Weibo users.It can be considered that such enterprises have strong ability to resist emotional fluctuations,but they are negatively affected by Weibo information.The impact is also more serious,and companies can formulate Weibo strategies and conduct new media public relations to help companies resist the risk of stock price crashes;after introducing the cross-term of corporate information transparency and Weibo information,it is found that it has a negative impact on the risk of stock price crashes But it is not significant.It is difficult for users to judge the authenticity of new media information based on corporate information transparency,and then adopt the correct investment strategy;further combining with the intermediate process of stock price synchronization,it is found that there is a significant negative correlation between Weibo information activity and stock price synchronization.Based on the fact that the authenticity of information on the Weibo platform is difficult to distinguish,Weibo Information can create a good "de-marketing" image for individual stocks.The increase in the amount of information conveys a large amount of positive investment information to investors,causing a deviation from the true situation of the company.An information bubble is formed,followed by the risk of a stock price crash. |
