In recent years，the appearance of microblog and other new media on internet have had a significant influence on the way and timeliness of information disclosure． In the capital markets，the new media enrich the content of the published information of listed companies，broaden the way of investors’access to information， and to a certain extent，contributed to the pricing efficiency of securities markets． This paper tries to find out the economic consequences of information disclosed through microblog from the perspective of stock price synchronicity by hand collecting data of listed companies published on sina microblog． Information posted by microblog is categorized and it is found that the higher the proportion of business and strategic information，the lower the stock price synchronicity． The results remain valid after considering the influence of endogenous． It is also found that companies audited by Big-10 audit firms，with higher information transparency and more analysts following，can significantly lower stock price synchronicity via weibo in releasing information． These results suggest that investors will not receive all the microblog information． Only when the quality of information released via weibo is high，can the information be effectively transmitted to investors through weibo，thus affecting the capital market．