自愿性信息披露是企业主动公开一些与经营活动相关的信息。通过自愿性信息披露，企业的透明度增加，使得企业的决策过程、运营情况和财务状况更加清晰地呈现给外部利益相关方，降低信息不对称对企业经营带来的风险；自愿性信息披露还可以提升企业的信誉度，树立良好的企业形象。良好的信誉度可以吸引更多客户和合作伙伴，提高投资者对企业的信任度，愿意为企业提供更多资金支持，从而增加企业融资的机会和灵活性。以我国 2009—2019 年度上市公司为研究样本，本文的信息披露情况以微博为例，通过实证分析探究了微博开通对企业融资约束的影响。研究发现：微博的开通显著降低了企业可能面临遇到的各种融资的约束瓶颈问题。进一步通过稳健性检验与异质性分析来检验结论及其相关机制。

Voluntary information disclosure is an enterprise's initiative to publicize some information related to its business activities. Through voluntary information disclosure, the transparency of the enterprise increases, making the enterprise's decision-making process, operation and financial status more clearly presented to external stakeholders, reducing the risk of information asymmetry on the operation of the enterprise; voluntary information disclosure can also enhance the credibility of the enterprise and establish a good corporate image. Good credibility can attract more customers and partners, improve investors' trust in the enterprise, and be willing to provide more financial support for the enterprise, thus increasing the opportunity and flexibility of enterprise financing. Taking China's listed companies in 2009-2019 as a research sample, the disclosure of this paper takes microblogging as an example, and explores the impact of microblog opening on corporate financing constraints through empirical analysis. It is found that the opening of microblogs significantly reduces the bottlenecks of various financing constraints that enterprises may face. The findings and their related mechanisms are further examined through robustness tests and heterogeneity analysis.