Can Corporate Weibo Accounting Information Disclosure Increase Investor Attention?: Based on the Comparative Study of Main Board and ChiNext

Social media has become an important channel for information disclosure in the capital market. Whether companies use social media to actually attract investor attention is the focus of all parties. Based on Python and manually collected Weibo accounting information disclosure data of companies on the main board and ChiNext from 2011 to 2016, this paper studies the impact of corporate Weibo accounting information disclosure on investor attention and the difference between the main board and ChiNext. The results show that: (1) The disclosure of (semi-)annual reports on Weibo can immediately increase investor attention; (2) When companies choose to disclose the (semi-)annual reports on Weibo after the official disclosure day, they can continue to increase investor attention for a period of time; (3) Compared with main board companies, Weibo disclosure of ChiNext companies has a greater impact on investor attention.