Scholars　always　study　the　influencing　factors　of　voluntary　disclosure　through　periodic　reports.　This　article　selects　＂Hudongyi＂　social　platform　represent　the　firm＇s　willingness　of　disclosure.　Through　the　observation　of　hundreds　of　thousands　of　information,　this　paper　finds　that　＂Hudongyi＂　answers　are　positively　affected　by　the　performance　and　size　of　firms　and　negatively　affected　by　financial　leverage,　proportion　of　independent　directors,　ownership　concentration　and　state-owned　property　of　firm.　This　research　has　reference　to　formulate　the　standards　of　information　communication　and　disclosure　based　on　new　media　and　to　promote　healthy　development　of　the　capital　market.