微博运营对企业价值和风险的影响

【作者】 王萍；

【导师】 孙琦；

【作者基本信息】 上海财经大学 ， 国际商务硕士（专业学位）， 2023， 硕士

【摘要】 近年来,以微博、微信、抖音等为代表的社交媒体发展迅猛,注册用户量和活跃用户量都达到了极大的规模。相比于传统媒体,社交媒体具有低门槛性、即时性、互动性、高聚合性和强裂变性,极大地改变了信息传播的方式,提高了信息传递的效率,扩大了信息传递的范围。随着社交媒体的推广和普及,越来越多的上市公司拥有了自己的自媒体,并且在上面披露各种信息,然而也有企业认为利用社交媒体披露企业信息存在风险。为了研究上市公司微博运营对企业价值和风险的影响,本文以2015-2021年沪深300上市公司作为研究对象,构建固定效应模型进行实证检验。实证结果表明,微博信息披露会导致企业价值的提升和企业风险的降低。此外,潜在投资者的微博关注度和企业信息透明度越高,上市公司的微博发布量对企业风险的影响越显著。因此,上市公司需要重视以微博为代表的自媒体平台的运营和管理,并加强与投资者的互动,此外,政府相关部门需要规范企业自媒体平台信息披露行为,同时完善信息披露制度,降低信息不对称性。更多还原

【Abstract】 In recent years,social media represented by Weibo,We Chat and Jitterbug have developed rapidly,and the number of registered and active users has reached a great scale.Compared with traditional media,social media has low threshold,instantaneous,interactive,high aggregation and strong fission,which has greatly changed the way of information dissemination,improved the efficiency of information transmission and expanded the scope of information transmission.With the promotion and popularity of social media,more and more listed companies have their own self-media and disclose various information on it,however,some companies think there are risks in using social media to disclose corporate information.In order to study the influence of listed companies’ microblogging operation on corporate value and risk,this paper constructs a fixed-effects model for empirical testing using 2015-2021 Shanghai and Shenzhen 300 listed companies as research objects.The empirical results show that microblog information disclosure leads to an increase in corporate value and a decrease in corporate risk.In addition,the higher the microblog attention of potential investors and the transparency of corporate information,the more significant the effect of microblog posting of listed companies on corporate risk.Therefore,listed companies need to pay attention to the operation and management of self-media platforms represented by microblogs and strengthen the interaction with investors.In addition,relevant government departments need to regulate the information disclosure behavior of corporate self-media platforms and improve the information disclosure system at the same time to reduce information asymmetry.更多还原