自媒体噪音信息披露是掩人耳目吗  

Is the Disclosure of Noise Information from the Self-media a Cover-up

作　　者：黄宏斌 刘倩茹 李飞宇 孙雅妮 Huang Hongbin;Liu Qianru;Li Feiyu;Sun Yani(Department of Accounting,Tianjin University of Finance and Economics;School of Accounting,Guangdong University of Foreign Studies;University College London)

机构地区：[1]天津财经大学会计学院 [2]广东外语外贸大学会计学院 [3]英国伦敦大学学院 [4]天津财经大学

出　　处：《南开管理评论》2021年第6期174-186,I0033,I0034,共15页Nankai Business Review

基　　金：国家自然科学基金项目(71872121);教育部人文社会科学研究项目(19YJC630105);天津市财政局2021-2022年度重点会计科研项目(Y210605)资助。

摘　　要：已有文献表明,自媒体平台日益成为上市公司重要的信息披露渠道。然而,与传统信息披露渠道不同,自媒体不仅为投资者提供价值相关信息,还混杂着大量的噪音信息。已有研究在肯定自媒体提升信息效率的同时,对公司披露噪音信息的动机和经济后果关注不足。本文通过剖析我国上市公司利用自媒体噪音信息进行掩饰的动机、条件和经济后果发现:(1)自媒体噪音信息披露具有掩饰效应,显著降低了投资者的盈余反应系数;(2)经营问题越严重的公司,利用噪音信息披露进行掩饰的动机越强;(3)信息不透明程度越高、代理问题越严重的公司,利用噪音信息披露进行掩饰的效果越明显;(4)自媒体噪音信息披露为上市公司大股东和管理层的机会主义行为提供了更好的遮掩。本文将促进学界对自媒体信息披露的全面理解,拓宽操控性信息披露的研究边界,也为监管层加强对自媒体的监管及投资者甄别自媒体噪音信息披露的动机和效果提供参考与借鉴。The self-media platform represented by Weibo has developed rapidly in China and has become an important medium for listed companies to release information and investors to obtain in-formation.However,unlike traditional information disclosure channels,self-media not only provides investors with relevant information,but also contains a lot of noise information.Existing studies have not paid enough attention to the motivation and economic consequences of companies disclosing noise information while affirming that self-media has improved in-formation efficiency.This paper analyzes the motivations,conditions and economic conse-quences of Chinese listed companies using self-media noise information to cover up.The research results of this paper are as follows.(1)Self-media noise information disclosure has a cover-up effect,which significantly reduces the earnings response coefficient of investors.(2)The more serious the business problem,the stronger the motivation to use noise information disclosure to cover up.Spe-cifically,in companies with declining performance,higher bank-ruptcy risks and higher liabilities to assets(L/A)ratios,the negative impact of self-media noise information on the earnings response coefficient(ERC)is more significant.(3)The higher the degree of information opacity,the more serious the agency problem of the companies,the more obvious the effect of using noise information disclosure to cover up.In companies with a high illiquidity ratio(ILL)and a small number of analysts’reports and coverage,self-me-dia noise information has a more significantly negative impact on the ERC.This effect is also more significant in companies with the dual role of CEO and a high degree of equity concentration.(4)Self-media noise information disclosure provides a better cover for the opportunistic be-havior of major shareholders and management,which is manifested in the increasing number of tunneling behavior of major shareholders and the inefficient investment of management due to the increase in self-media noise in

关 键 词：自媒体信息披露 噪音信息 掩饰效应 盈余反应系数 

分 类 号：G206[文化科学—传播学] F832.51[经济管理—金融学]