金融市场中自媒体的信息生产——来自微信公众号的证据  

Information Production of We-media in the Financial Market:Evidence from WeChat Official Accounts

作　　者：朱菲菲 王晓宇 杨云红[3] Zhu Feifei;Wang Xiaoyu;Yang Yunhong(School of Finance,Central University of Finance and Economics;Agricultural Bank of China;Guanghua School of Management,Peking University)

机构地区：[1]中央财经大学金融学院 [2]中国农业银行股份有限公司 [3]北京大学光华管理学院

出　　处：《经济科学》2023年第5期199-218,共20页Economic Science

基　　金：国家自然科学基金青年项目“股权质押的价值创造与潜在风险:基于大股东创业及其风险投资行为的研究”(项目编号:72102247);中央财经大学科研创新团队支持计划和中央财经大学重大研究支持计划“金融可持续发展研究”对本文的资助。

摘　　要：移动互联网时代,自媒体正在对金融市场发挥着愈发重要的影响。通过爬取2015—2019年间微信公众平台上与A股上市公司相关的文章,本文构造了自媒体信息生产相关指标,并由此探讨了金融市场中自媒体信息生产的逻辑与特征。研究发现,自媒体在金融市场中的信息生产遵循需求导向原则。上市公司信息披露质量越差,自媒体关注度就越高,并且该效应在信息生产成本较高的分析类文章中较为明显。渠道分析显示,低质量的信息披露会引起更大的意见分歧度,并由此导致更多的自媒体信息供给。在信息需求一定的情况下,传统新闻媒体和分析师会部分替代自媒体的金融信息生产。最后,基于文本分析的结果显示,上市公司信息披露质量越差,自媒体就会越多地使用负面词语并表现出鲜明立场倾向,从而可以同时满足受众的信息需求和情感需求。In the era of mobile Internet,We-media plays an increasingly important influence on the financial market.By web crawling of articles related to A-share listed companies on WeChat Official Accounts Platform during 2015—2019,this paper constructs indicators related to information production of We-media and explore its information production logic and features in the financial market.Our results show that the information production of We-media in the financial market is demand-oriented.We-media tends to cover listed firms with weaker information disclosure quality more frequently,particularly through analytical articles that require high information production costs.Channel analysis shows that inferior quality of information disclosure leads to greater information discrepancy,which subsequently triggers increased information supply by Wemedia.Besides,given the information demand,both traditional news media and analysts serve as partial substitutes for We-media.Lastly,textual analysis results indicate that for listed firms with lower quality of information disclosure,We-media utilizes more negative words and leans towards extreme standpoints,thereby satisfying both the informational and emotional needs of its users.

关 键 词：自媒体 微信公众号 信息披露质量 信息生产 需求导向 

分 类 号：F832.5[经济管理—金融学] F49