| Abstract | In recent years, new media such as Microblog plays a more and more important role in information sharing and communicating. The emergence of the network not only creates a new mode of interpersonal communication, but also brings significant impact and change to approaches and timeliness of information dissemination on the capital market. In this article, through manual collecting and detailed reading of the listed company information published on Sina Microblog, we investigate Microblog information disclosure of the listed companies for the first time. Results show that listed companies disclose various kinds of information through Microblog, and information about operating accounts for the largest proportion, especially information about sales contracts, awards and R&D innovation. Besides, about 84% of these information are not published through company's official announcement. Further, we also examine the characteristics of listed companies on its willingness to register in Sina Microblog and the number of released information. Results show that the higher the level of corporate governance of the company, the higher probability of registering in Sina Microblog, and more information closely related to the company released, especially the kind of information that are not published through company's official announcement. |