Abstract: With the widespread use of social media,more and more entrepreneurs are moving from the backstage to the frontstage.This paper conducts an empirical test by using the data of entrepreneurs' Sina weibo of Chinese listed companies from 2010 to 2017.The results show that:(1) hightech enterprises prefer entrepreneurial media presentation;(2) the entrepreneurial media presentation can improve the stock liquidity of enterprises,with the increase in the number of microblogs,the stock liquidity increases more significantly;(3) based on the analysis of the contents of entrepreneurs' micro blogs,it is found that “personalized micro blogs” are more conducive to improving stock liquidity than “disclosed micro blogs”; both positive tone and negative tone can lead to the improvement of stock liquidity.The conclusion of this paper provides an important reference for the entrepreneurs' behaviors in the information age.

Key words: media presence, entrepreneurs microblog, hightech enterprises, stock liquidity

摘要： 随着社交媒体的广泛应用，越来越多的企业家从企业幕后走向台前。本文利用中国上市公司2010—2017年企业家新浪微博的使用数据进行了实证检验。结果发现：（1）高科技企业更倾向于企业家媒体呈现;（2）企业家媒体呈现能够提升企业股票流动性，且微博发布数量越多，股票流动性上升越明显;（3）进一步对企业家微博内容进行文本分析后发现，相比于披露式微博，个性化微博更有助于提升股票流动性，正向情感倾向和负向情感倾向微博均会导致股票流动性的提升。本文结论为信息化时代企业转型升级过程中的企业家行为提供重要参考。

关键词: 媒体呈现, 企业家微博, 高科技企业, 股票流动性