4368 
3474长期以来，中小股东参与公司治理的实际效果饱受质疑，而社交媒体为中小股东提供的“在线发声”平台极大地扭转了中小股东边缘化的弱势局面。文章基于2013—2017年雪球股票论坛的讨论帖数据，分析了中小股东在雪球股票论坛的讨论对企业会计稳健性的影响及其机制。研究发现，中小股东在社交媒体上的在线讨论显著提高了被讨论公司下一年的会计稳健性，这一作用主要通过增加监管介入、抑制大股东掏空和降低企业盈余管理水平实现。此外，社交媒体讨论提高会计稳健性降低了债务融资成本，增加了股东权益保护，提高了公司业绩。因此，社交媒体已成为影响会计稳健性的重要因素，是中小股东参与公司治理的新“通道”。文章的研究有助于揭示社交媒体的公司治理价值，丰富和更新中小股东在公司治理中的作用和功能，为会计稳健性的影响因素研究提供新的视角与证据。
中小股东“在线发声”与企业会计稳健性——来自雪球论坛的证据
摘要
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引用本文
罗劲博, 熊艳. 中小股东“在线发声”与企业会计稳健性——来自雪球论坛的证据[J]. 财经研究, 2021, 47(12): 150-165.
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