企业社交媒体信息发布时间对市场流动性的影响研究
The Study of Social Media Information Disclosing Time’s Impacts on Market Liquidity
DOI: 10.12677/SSEM.2018.75014, PDF,  被引量   
作者: 韩艺彤*：对外经济贸易大学信息学院，北京
关键词: 社会化媒体；信息披露；流动性；Social Media； Information Disclosure； Liquidity
摘要: 企业信息披露对于缓解资本市场中的信息不对称起着重要作用，而企业在新兴社交媒体上的信息披露行为又具有新的特点，除在信息披露内容方面进行不断改善外，企业在信息披露时间选择方面的策略也值得探究。本文通过对推特平台上180家公司官方账户151天的信息推送情况进行实证分析，发现相比交易结束后发布信息，企业在交易时间内发布信息对股票流动性的影响更大，单位时间内企业发送推文数量多，交易量越大，交易价差扩大。企业在选择信息发布时间上，对于可能引发投资者情绪波动的各类敏感信息最好选在交易结束后公布，且要控制交易时间内发布信息的频率，有助于保持股票适当的流动性。
Abstract: The enterprises’ information disclosure plays an important role in reducing information asymmetry, while compared to traditional disclosure channels, dissemination on social media platforms has new features; besides adjusting disclosing content to followers’ changing preferences, companies also pay much attention on the choices of disclosing time (strategic timing of disclosure). We adopt empirical method to study the information on 180 companies’ official accounts during 151 days, find that official accounts’ releasing news within trading hours has more significant effects on liquidity than releasing news after market closed; as the companies tweet more, the volume of deals and bid-ask spread become larger. With respect to choosing information disclosing time, companies better announce the sensitive information that may trigger investors’ moods swing after the market closed, and control the amount of releasing information within trading hours, which will contribute to keeping the liquidity of stocks.
文章引用：韩艺彤. 企业社交媒体信息发布时间对市场流动性的影响研究[J]. 服务科学和管理, 2018, 7(5): 107-115. https://doi.org/10.12677/SSEM.2018.75014

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