The Impact Of Self-media Attention On The Quality Of Information Disclosure Of Listed Companies

In the development of the Internet age,the importance of self-media can no longer be ignored.This article takes self-media as a research perspective to study how it affects the quality of information disclosure of listed companies.Most research on the impact of media on corporate governance focus on how mainstream media and authoritative newspapers affect the quality of information disclosure of listed companies,which in turn affects corporate governance.With the advent of the era of digitalization and Internet big data,the rapid development of self-media,the opportunities for groups to express their opinions and opinions on online platforms have increased,and the interest demands have become more diverse and common.As a third-party supervision effect outside the company and supervision,the selfmedia has become more and more important.The information disclosure of listed companies is not only affected by internal factors,but also external challenges brought about by the rapid development of self-media.The article first takes the representative We Chat public account in the self-media as the object,analyzes the articles about listed companies published by the We Chat public accounts,uses the number of published company reports as a measure of the degree of self-media attention,and studies its influence on the quality of information disclosure of listed companies.The information disclosure quality of listed companies is measured by the information disclosure evaluation results of the Shenzhen Stock Exchange,and the readability of the annual report text information of listed companies is used as an indicator for robustness testing.The results show that self-media attention can improve the quality of information disclosure of listed companies.Then,through the case of Erkang Pharmaceutical,a micro-explanation was given.After Erkang Pharmaceutical released the questioning information in the self-media market value situation,it triggered intense discussions and widespread dissemination,and attracted the attention of Shenzhen Stock Exchange.The media questioned the content and asked Erkang Pharmaceuticals to respond to the questioned questions.Afterwards,Erkang Pharmaceutical issued a self-inspection report to explain in detail,and the China Securities Regulatory Commission also intervened in the investigation and found that Erkang Pharmaceutical had information disclosure violations and punished it,confirming the doubts of the media.Erkang Pharmaceutical has improved the information disclosure evaluation results of Shenzhen Stock Exchange after the self-media questioning.At the same time,the readability indicators of non-financial information in Erkang Pharmaceutical’s annual report are calculated through text analysis.The obtained results show that the quality of information disclosure of Erkang Pharmaceuticals has been improved.Further analyze the impact of selfmedia attention on the quality of Erkang Pharmaceutical’s information disclosure through the three influence paths of reputation mechanism,market pressure and government supervision.Through the analysis,the article illustrates the impact of self-media on the quality of information disclosure through three paths: reputation mechanism,market pressure,and government supervision.The conclusion is that self-media attention has a positive impact on the quality of information disclosure of listed companies.Based on the problems found in the article,the further suggestions are as follows: Listed companies should respect investors’ preferences,respond to market demands in a timely manner,and strengthen self-discipline management;investors should prudently identify massive amounts of information,strengthen professional capabilities,and conduct more professional analysis;self-media should follow market norms and principles,fair and impartial,and strive to improve credibility;third-party audit institutions should abide by professional ethics,maintain prudence and independence,improve the professional capabilities of business personnel,and ensure effective auditing in compliance with laws and regulations.