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随着信息传递形式的多元化,微博等网络新媒体逐渐成为上市公司披露信息的重要渠道之一。文章通过手工收集上市公司在新浪微博上发布的信息,对上市公司微博业绩披露行为进行研究,分析能否利用投资者的非理性行为,根据上市公司通过微博重复发布业绩信息这一现象来构造投资组合,以谋求获利。研究发现,当上市公司通过微博重复发布公司的好消息(如公司优异的业绩信息)后,公司股票价格上升;而没有通过微博发布好消息的公司股价则不会上升。进一步的研究表明,通过微博重复发布业绩信息的上市公司未来财务业绩更好,这也是上市公司管理层敢于将业绩信息通过微博重复发布的“底气”。这一研究可为监管部门制定相应规章制度提供实证证据,同时也为投资者的投资决策提供了有益的参考。
With the diversified forms of information transmission, online media such as Weibo have gradually become one of the important channels for listed companies to disclose information. By collecting the information published by listed companies on Sina Weibo by hand, the article conducts a research on the performance of listed companies’ microblogging disclosure and analyzes whether investors can take advantage of the irrational behavior of listed companies to issue performance information repeatedly through Weibo To structure the portfolio, in order to seek profit. The study found that when a listed company repeats the company’s good news (such as a company’s excellent performance information) via Weibo, the company’s stock price goes up, while companies that do not post good news through Weibo do not go up. Further research shows that the financial performance of listed companies that repeatedly release the performance information through Weibo is better, which is also the “confidence” that the management of listed companies dares to publish the performance information repeatedly through Weibo. This research can provide the regulators with relevant rules and regulations to provide empirical evidence, but also provide a useful reference for investors in investment decision-making.