媒体报道、环境不确定性与股价同步性

发布时间：2018-04-05 09:18

本文选题：媒体报道　切入点：报道语气　出处：《财务研究》2017年03期

【摘要】：基于我国2003~2014年非金融类上市公司的媒体报道数据,本文分析了上市公司的媒体报道与股价同步性之间的关系。研究结论表明,媒体是否报道、媒体报道数量和股价同步性均显著负相关,表明媒体报道数量越多,公司股价同步性越低;但媒体报道语气越正面,股价同步性越高,表明媒体报道语气会影响投资者的投资决策,相对于负面报道的媒体新闻,投资者在制定相关投资决策时会无视或忽略正面报道的媒体新闻。进一步研究发现,环境不确定性降低了媒体报道的信息中介作用,因此抑制了媒体报道与股价同步性之间的负相关关系。本文的研究结论对理解不同语气的媒体报道以及不同环境下媒体报道的信息中介作用具有一定的启示。
[Abstract]:Based on the media reporting data of non-financial listed companies in China from 2003 to 2014, this paper analyzes the relationship between media reporting and stock price synchronization of listed companies.The results show that whether the media reports, the number of media reports and the synchronicity of stock prices are significantly negative correlation, indicating that the more the number of media reports, the lower the synchronicity of stock prices, but the more positive the tone of media reports, the higher the synchronicity of stock prices.It shows that the tone of media report will affect the investor's investment decision. Compared with the negative media news, investors will ignore or ignore the positive news when making the relevant investment decision.Furthermore, it is found that environmental uncertainty reduces the information intermediation of media reports, and thus inhibits the negative correlation between media reports and stock price synchronicity.The conclusions of this paper have some implications for the understanding of media reports in different tone and in different environments.
【作者单位】：上海财经大学工商管理博士后流动站;江西财经大学会计发展研究中心/会计学院;
【基金】：国家自然科学基金项目(71462012,71262005,71362007)
【分类号】：F832.51;G206

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