首页|注意力视角下媒体关注对公司违规后市场反应的影响

注意力视角下媒体关注对公司违规后市场反应的影响

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降低市场波动和实现高质量发展是现阶段我国资本市场的重要任务.本文从媒体的资产定价作用出发,基于有限注意力视角,运用事件研究法,实证考察了媒体关注对公司违规后市场反应的影响,并从媒体类型和情感倾向检验了媒体关注对违规后市场反应影响的异质性.研究发现:媒体对上市公司的事前关注会显著负向影响上市公司违规后的市场反应;网络媒体和政策导向媒体的关注与上市公司违规后市场反应有着显著负相关关系,市场导向媒体的关注则无显著影响;与中性媒体关注相比,负面和正面的媒体关注将导致公司违规后更剧烈的负向市场反应.进一步研究发现,媒体关注对公司违规后市场反应的负面影响主要表现在非国有企业中.本文论证了媒体关注在资产定价的重要作用,也为充分发挥媒体作用、保护投资者权益和实现资本市场高质量发展提供了新的思路.
Attention:The impact of media attention on market reaction to corporate violations
Reducing market volatility and achieving high-quality development are important tasks for the Chinese capital market at the present stage.Based on the asset pricing role of media,this study used the event study to empirically exam-ine the impact,as well as the heterogeneity from type and emotional tendency,of media attention on the market reaction to corporate violations from the perspective of limited attention.The results showed that the media's prior attention to the listed company has a significantly negative impact on the market reaction after the company's violation.The attention of network media and policy-oriented media has a significantly negative correlation with the market reaction after the com-pany's violation,while market-oriented media has no significant impact.Compared with neutral media attention,negative and positive media attention trigger more severe negative market reaction after company violations.Furthermore,the neg-ative impact of media attention on the market reaction after corporate violations is mainly manifested in non-state-owned enterprises.The results demonstrate the important role of media attention in asset pricing and have important practical sig-nificance for better playing the role of the media,protecting the rights and interests of investors and achieving high-quality development of the capital market.

media attentioncorporate violationsmarket reaction

王晨曦、周磊

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中国科学技术大学管理学院,安徽合肥 230026

中国科学技术大学公共事务学院,安徽合肥 230026

媒体关注 公司违规 市场反应

国家自然科学基金国家自然科学基金Research Topic of Securities Futures Industry StandardAnhui Province Annual New Era Education Quality Project(Postgraduate Education)(2022)

7229357372104226BZKT-2022-0412022zyxwjxalk003

2024

10.52396/JUSTC-2023-0037

中国科学技术大学学报
中国科学技术大学

中国科学技术大学学报

CSTPCD北大核心
影响因子：0.421
ISSN：0253-2778
年,卷(期)：2024.54(2)
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