【摘要】 会计信息是资本市场重要的信息来源。但是随着大数据与信息技术的发展，会计信息的有用性将会受到怎样的影响?本文以社交媒体这一大数据时代的产物作为研究对象，尝试对上述问题进行回答。研究发现，在财务报告公布前，社交媒体中与公司盈余相关的信息会对会计信息形成了替代，从而削弱会计信息的有用性；但在财务报告公布后，社交媒体中投资者之间的互动交流可以降低会计信息的处理成本，帮助会计信息更好地融入股价，提高会计信息的有用性。尽管社交媒体对于会计信息的有用性存在两个方面的影响，但是通过社交媒体上线的外生场景进行检验发现，整体上，社交媒体的使用提升了会计信息的有用性。机制检验表明，在公司财务报告发布前，社交媒体中已经存在了与会计信息具有相似价值的信息；在公司财务报告发布后，社交媒体能够提高散户投资者对于专业会计信息的理解能力。本文有助于人们正确理解大数据时代下会计信息的作用，同时也为新时代会计改革和创新提供了理论基础。更多还原

【Abstract】 Accounting information is an important source of information in the capital market. But with the development of big data and information technology, how will the usefulness of accounting information be affected? This paper takes social media, a product of the big data era, as the research object and tries to explore this problem. It is found that social media contains information related to corporate earnings. When such information is integrated into stock price, it forms a substitute with accounting information and weakens the influence of accounting information in the capital market. But at the same time, the communication between investors in social media can reduce the processing cost of accounting information, help accounting information better integrate into stock prices, and improve the influence of accounting information in the capital market. Although social media has two effects on the usefulness of accounting information, it is found through the test of exogenous scenarios of social media launch that social media improves the usefulness of accounting information on the whole. The cross-sectional analysis finds that the impact of social media on corporate accounting information is also different for firms with different number of retail investors and complexity of financial information. Mechanistic tests suggest that information related to a firm’s unanticipated earnings is already present in social media before the earnings announcement; after the earnings announcement, social media can improve retail investors’ comprehension of professional accounting information. This paper helps people to correctly understand the role of accounting information in the era of big data, and also provides a theoretical basis for accounting reform.更多还原