Research On The Characteristics And Impact Of Negative Accounting Information Disclosure On Social Media Of Listed Companie

In recent years,the way of information disclosure of listed companies has changed from single web-page channel to multi-channel disclosure.Social media has gradually become an important channel for spreading information.Disclosure of negative accounting information through social media is of great significance for reducing information asymmetry,reminding investors of relevant risks and guaranteeing investors’ right to know.Because the possibility of the listed company completely concealing negative accounting information is becoming less and less,and intentionally concealing negative accounting information can not effectively curb the spread of negative accounting information,but cause more serious crisis.Therefore,more and more listed companies have taken the initiative to disclose negative accounting information on social media.But regulators at home and abroad,as well as listed companies,have yet to establish a unified standard for the disclosure of negative accounting information on social media.This paper first analyzes the characteristics of negative accounting information disclosure quantity,disclosure content,disclosure form,disclosure time and disclosure strategy of listed companies in petrochemical industry on social media,and analyzes the causes of the existing disclosure characteristics.Then select Sinopec as a case,on the basis of analyzing the characteristics of negative accounting information disclosure of social media,further analyze the characteristics of negative accounting information disclosure of representative hedging business and its impact on its stock price.The study found that Sinopec would choose To disclose negative information on Friday,Friday to Sunday and when the market was closed.The content would tend to be disclosed together with other information,and the form would tend to use text disclosure.Based on the disclosure status of petrochemical industry and case companies,this paper puts forward policy suggestions on the disclosure of negative information on social media from the aspects of government regulatory authorities,social media platforms and listed companies.The research of this paper not only has important theoretical value for enriching the research on social media information disclosure,but also has important practical significance for regulatory authorities to regulate the social media information disclosure behavior of listed companies and investors to make decisions by using social media information.