高调的“底气”:基于公司微博业绩披露的交易策略

发布时间：2018-03-14 23:32

本文选题：微博业绩披露　切入点：交易策略　出处：《上海财经大学学报》2016年04期 　论文类型：期刊论文

【摘要】：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。
[Abstract]:With the diversification of information transmission forms, new online media, such as Weibo, have gradually become one of the important channels for listed companies to disclose information. This paper studies the performance disclosure behavior of Weibo of listed companies, analyzes whether the irrational behavior of investors can be utilized, and constructs a portfolio according to the phenomenon that listed companies repeatedly publish performance information through Weibo in order to gain profits. When listed companies repeat their good news through Weibo (for example, excellent performance information), stock prices rise, while shares in companies that do not publish good news through Weibo do not rise. Further research shows, Listed companies that repeatedly publish performance information through Weibo have better financial results in the future. This is also the "base" that managers of listed companies dare to release performance information repeatedly through Weibo. This study can provide empirical evidence for regulators to formulate relevant rules and regulations, and also provide useful reference for investors to make investment decisions.
【作者单位】：上海市人民政府发展研究中心博士后工作站;
【基金】：国家自然科学基金项目(71272008、71202003) 教育部人文社会科学重点研究基地重大项目(11JJD790008、11JJD790055)
【分类号】：F832.51

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