政务微博使用与资本跨区域流动OACHSSCD

Based on the practice of government information disclosure through social media,this study examines the impact of government microblog use on the inter-regional capital flows.The findings reveal that government microblog use significantly promotes interregional capital flows,as evidenced by increased cross-regional investments by firms in areas with higher levels of government microblog use.Further analysis shows that this effect is more pronounced in regions with greater microblog influence,among firms whose executives possess lower social capital,and in companies whose executives have no government work experience.Mechanism analysis indicates that government microblog use reduces policy uncertainty and institutional transaction costs,thereby attracting firms to engage in cross-regional investments in those areas.The analysis of economic consequences demonstrates that firms investing more in regions with higher government microblog use experience significant improvements in profitability,enhanced market value,and expanded market share.This study contributes to the literature on corporate inter-regional investment and government social media,offering insights for promoting interregional capital flows and establishing a unified national market.