Abstract: This paper examines the influence and mechanism of the contents and channels of information released by the typical we-media of listed companies on the financing constraints of enterprises. The findings show that the opening of companies' we-media and the amount and content of information released by the we-media all have significantly eased the financing constraints of listed companies. Its influencing mechanism lies in that the information disclosed by we-media has alleviated the degree of information asymmetry and improved the corporate reputation and further eased the financing constraints. In addition, the results of a contrastive analysis of the impacts of the different platforms of we-media on business financing constraints indicate that the Weibo platform can play a more significant role. When dividing the we-media information into content and sources, it is found that only the value-related information and the original information can alleviate financing constraints of listed companies. This shows that listed companies can actively use we-media to release original, value-related information to ease financing constraints. This conclusion provides decision-making reference for listed companies to ease their own financing constraints with the help of we-media, and also provides beneficial enlightenment for the government and capital market regulatory authorities to issue relevant policies and regulations to alleviate financing constraints.

Key words: we-media, Weibo, financing constraints, information asymmetry, reputation mechanism