所属栏目:公司金融/资本预算和估值

摘要

We examine the impact of government social media on capital markets using China's staggered adoption of local government microblogs. A difference-indifferences design reveals economically significant increases in firm value, with stronger effects for more content-rich, original, and interactive microblogs. We find improvements in the corporate information environment and reductions in perceived uncertainty, with larger effects for firms with limited external information coverage and in stronger business environments. During the COVID-19 Wuhan lockdown, firms in regions with more active microblogs achieved better stock performance. Overall, government social media is a powerful tool for enhancing transparency, firm valuation, and market resilience.
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Yuhao Xuan; Jing Zhao; Gaoping Zheng When Governments Go Social: Firm Valuation in the Digital Era (2026年11月06日) https://www.cfrn.com.cn/lw/16969

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