“互联网+”信息披露与长短期市场反应——投资者关注的视角  

"Internet Plus"Information Disclosure and Short-term and Long-term Market Reaction:An Investors’Attention Perspective

作　　者：卫铭 WEI Ming(School of Accounting,Shanxi University of Finance and Economics,Taiyuan 030006,China)

机构地区：[1]山西财经大学会计学院,山西太原030006

出　　处：《现代财经（天津财经大学学报）》2023年第6期94-113,共20页Modern Finance and Economics：Journal of Tianjin University of Finance and Economics

摘　　要：作为资本市场的热点话题,“互联网+”概念备受关注,企业关于“互联网+”信息披露呈指数增长。本文基于投资者关注的视角,探究“互联网+”信息披露的长短期市场反应变化情况。研究表明:(1)短期内,企业进行“互联网+”信息披露会引发正向的市场反应;而长期市场反应则会发生反转;(2)投资者关注度强化了短期正向与长期负向市场反应;(3)从披露形式来看,企业连续数年披露“互联网+”信息弱化了短期正向和长期负向的市场反应;从披露动机来看,具有强烈策略性披露动机的企业在长期资本市场反应中引发了更消极的市场反应。本文研究结论表明,我国上市公司的非财务信息披露存在炒作行为,通过夸大虚报正面消息,对投资者产生了误导作用,扰乱了市场基于企业真实经营状况进行的正确价值判断。但长期内投资者能够通过自身的信息搜索等行为对企业进行理性估值。因此,相关部门需强化上市公司文本信息披露的质量管控,提高投资者信息搜集和识别能力以及强化信息披露相关制度建设,从而维护资本市场正常秩序。As a hot topic in the capital market,the concept of"Internet Plus"has attracted much at-tention.The information disclosure of enterprises about"Internet Plus"shows exponential growth.Based on the perspective of investors'attention,this paper explores the changes in the short-term and long-term market reaction of"Internet Plus"information disclosure.The research shows that:(1)in the short term,the"Internet Plus"information disclosure by enterprises will trigger a positive market reaction,while the long-term market reaction will be reversed.(2)Investors'attention has strengthened the short-term positive and long-term negative market reactions.(3)From the perspective of the form of disclo-sure,the""Internet Plus"information disclosed by enterprises for several consecutive years weakens the short-term positive and long-term negative market reactions.From the perspective of disclosure motiva-tion,enterprises with strong strategic disclosure motivation have triggered a more negative market reac-tion in the long-term capital market reaction.The research conclusion of this paper indicates that,there is speculation in the non-financial information disclosure of listed companies in China.By exaggerating and misrepresenting the positive news,it misleads the investors and disturbs the market's correct value judg-ment based on the real business conditions of enterprises.However,investors can conduct rational valua-tion of the enterprise through their own information search and other behaviors in the long run.There-fore,relevant departments need to strengthen the quality control of text information disclosure of listed companies,improve the ability of investors to collect and identify information,and strengthen the con-struction of relevant information disclosure systems to maintain the normal order of the capital market.

关 键 词：互联网+ 非财务信息披露 投资者关注度 市场反应 

分 类 号：F832[经济管理—金融学]