公司策略性媒体披露行为研究最新进展与述评

A Literature Review of Corporate Strategic Media Disclosure

因为新闻媒体对资产定价的重要影响,致使越来越多公司管理层开始重视对媒体披露的主动管理,特别是重大事件期间,公司的策略性媒体披露倾向尤为明显,以谋求自身利益的最大化。与此同时,这一现象也日益为学者们所关注,并开始成为公司财务与金融研究的热点前沿。本文主要基于行为金融学视角,从公司策略性媒体披露的内涵、动因、方式、主要内容及表现等维度,对现有相关文献进行了系统梳理,旨在进一步剖析公司管理层在媒体披露中的重要作用,帮助人们更好地理解和把握股票市场波动的成因及本质。最后,就其未来研究方向做了进一步的探讨。

Many researches show that media coverage has a significant impact on stock price and its return,and even leads to long-term deviation of the company's stock price from its fundamental value.Sometimes,when stale news is reprocessed and diffused again by mass media,it may also trigger violent fluctuation for stock price.Since media coverage has such an important influence on capital market,company management is likely to disclose strategically by media to seek a favorable impact on their company's capital market performance,and the motivation of managing media coverage is particularly strong during major events. Relevant literature indicates that the internalization or outsourcing of media disclosure management mainly depends on company management's media communication capability and its experience.The significant impact on stock market by news media,personal interests of managers and externalities of media disclosure from their peers will further stimulate the corporate motivation of media disclosure management.Generally,company managers manage media coverage by influencing the factors of media bias such as disclosure timing,news positioning,media type,media exposure and report tone,especially during important events,such as corporate crisis,IPO,merger and acquisition,insider trading and second equity offerings,so as to maximize the company's or managers'self-interests.Finally,under the analysis of limitations for the existing research,we further discuss about its future research from methodology,sample data and institutional environment. In this paper,the possible contributions lie in:(1)From the perspective of the definition,patterns, motivations,ingredients and the performance of media disclosure management,we collect and review a large number of literature in recent years about strategic media disclosure by corporate management from the field of accounting and finance.This not only provides us some enlightenments to further research the mode and mechanism for corporate media of information disclosure management,but also enriches the existing documents on corporate information disclosure and its market effect.In the meantime,this research may help people better understand the important role of corporate managers in the process of media disclosure and their endogenous impact on stock price,and help investors appreciate and grasp the nature and law of stock price fluctuation.(2)In addition,it also provides new support and references for corporate media (information)disclosure management in China,and makes contributions for improving regulations of information disclosure as well as investor education.