自媒体信息披露对上市公司业绩预告的掩饰效应  

The Cover-up Effect of Self-media Information Disclosure on the Performance Forecast of Listed Companies

作　　者：黄宏斌 张玥杨 冯皓 Huang Hongbin;Zhang Yueyang;Feng Hao

机构地区：[1]天津财经大学会计学院

出　　处：《财经科学》2022年第3期1-15,共15页Finance & Economics

基　　金：国家自然科学基金面上项目“上市公司自媒体信息披露及互动的影响因素及经济后果:基于微博、微信的研究”(71872121);天津市财政局2021—2022年度重点会计科研项目“自媒体信息披露、资本市场业绩预期压力与上市公司业绩预告”(Y210605);2021年天津市研究生科研创新项目“数字经济背景下上市公司自媒体平台互动对用户—企业协同创新的影响研究”(2021YJSB359)的阶段性研究成果。

摘　　要：文章基于自媒体平台迅速发展的时代背景,研究自媒体信息披露对上市公司业绩预告的影响。利用Python爬取上市公司微博和微信公众号信息,使用PSM后对匹配的样本进行实证研究发现,自媒体信息披露会对上市公司业绩预告产生掩饰效应,导致业绩预告信息质量降低。并且随着资本市场业绩预期压力的增大,自媒体平台可以为管理层的遮掩行为提供便利渠道,从而在更大程度上导致业绩预告质量的降低。进一步分析发现,发生“业绩变脸”的公司会积极地通过自媒体渠道营造业绩攀升的良好氛围,以掩饰真实信息。公司的信息环境越差,即盈余激进度越大、盈余平滑度越大、透明度越低,越有动机通过自媒体平台分散投资者关注,从而减少业绩预告信息披露。研究从自愿性信息披露双渠道的视角出发,探讨企业利用自媒体进行信息披露的掩饰动机,从微观上证明了自媒体已成为操控性信息披露的渠道。Based on the background of the rapid development of self-media platform,this paper studies the impact of self-media information disclosure on the performance forecast of listed companies.Using Python to crawl the information of Weibo and WeChat official account of the listed companies,and conducting empirical research on the matched samples after PSM.We find that the self-media information disclosure will have a cover-up effect on the performance forecast of listed companies,leading to the deterioration of the quality of performance forecast information. Moreover,with the increase of the expected pressure on the performance of the capital market,the self-media platform can provide a convenient channel for the short-sighted behavior of the management,which leads to the decline of the quality of performance forecast to a greater extent.Further analysis found that the greater the progress of earnings stimulation,the greater the smoothness of earnings and the lower the transparency of the company in the previous year,the more motivated enterprises will be to increase information communication and exchange through the self-media platform and reduce the disclosure of performance forecast information In addition,companies with "performance change" will actively create a good atmosphere of rising performance through self-media channels in advance to cover up the real bad news.From the perspective of voluntary information disclosure,this study discusses the masking motivation of enterprises to use self-media information disclosure,so as to provide micro evidence that self-media information disclosure may become another manipulated information disclosure channel.

关 键 词：自媒体 业绩预告 业绩预期压力 掩饰效应 

分 类 号：F830.9[经济管理—金融学]