媒体报道与投资效率

Media Reports and Investment Efficiency

本文基于国内上市公司近六年主流媒体报道的经验数据,对媒体报道与企业投资之间的关系进行了探究,研究发现:媒体报道尤其是正面报道数量越多,投资行为越被关注,越会导致管理层过度自信,或由于投资者情绪高涨,会增强企业的投资程度,引发过度投资或者缓解投资不足;而负面报道对企业投资程度的影响并不显著。本研究可为投资者提供决策参考。

This article is based on the past- six- years data from mainstream media reports of domestic listed companies,and explores the relationship between media reports and enterprise investment. The results show that: The more the total number of media reports,especially the positive reports,the more attention to the investment behavior,then it's easy for the investors to follow the trend blindly,and make the managers overconfident,cause overinvestment or relieve underinvestment; while the negative reports has no significant effect to the investment level. This study can be an valuable reference for investors to make decisions.