中文摘要：

以2014年前上市的创业板公司为样本,以投资者聚集的深交所＂互动易＂作为社交媒体自愿披露的平台,以披露的数量代表披露水平,实证研究了社交媒体自愿披露与公司业绩和关注度的关系。结果表明：业绩差的公司为影响短期股价披露了更多信息;在控制了自愿披露水平后,即在相同的披露水平情况下,业绩好的公司会比业绩差的公司获得更多投资者关注,披露效率也越高;关注度对绩优公司的自愿披露有正向作用,绩优公司的关注度越大,其自愿披露的数量越多。

英文摘要：

This paper selects companies listed before 2014 as sample, and does an empirical research on the relationship anong low cost social media voluntary disclosure, corporate performance and investor attention. The results show that in the Shenz- hen ＂interactions＂, companies of poor performance disclosed more information, and more voluntary disclosure can attract more attention. After controlling the level of voluntary disclosure, good performance company received more attention. After controlling other factors, found that good performance and getting more attention company voluntary disclosed more. Research conclusions show that in our country, companies of poor performance disclosed more on social media, and can attract more attention. But in the same level of disclosure, good performance companies get more attention and attention degree has positive effect to the voluntary disclosure of good performance companies.