媒体关注能提高公司投资效率吗?

Can Media Coverage Improve Corporate Investment Efficiency?

选取沪深两市2005-2013年共7551个样本,考察媒体关注对公司投资效率的影响。研究发现:媒体关注对投资效率具有双刃剑效应,一方面,媒体关注对公司的资源配置产生正面效应,提高投资效率;另一方面,媒体偏差的存在可能带来负面效应,降低投资效率。媒体偏差的后果之一是理性投资者会降低对媒体报道的信任和依赖,由此进一步发现相比个人投资者,复杂的机构投资者会降低对媒体报道的依赖程度,机构投资者能够负向调节媒体的效应。本文的研究有助于引导投资者增强辨别意识和理性投资,对于监管层引导媒体、降低媒体偏差,保护投资者权益也具有重要的理论和现实意义。

This paper examines the impact of the media coverage on the investment efficiency. The results show that media can have a positive effect on the investment efficiency. However,the media may have a negative effect on the investment efficiency because of media bias. One of the consequences of the media bias is that rational investors would reduce their trust of and reliance on media,and this paper further finds that the complicated institutional investors will reduce the reliance on the media reports compared with the individual investors. This research is not only conducive to guiding investors to make investment decisions rationally,but also has important theoretical and practical significance for regulatory authorities to make the media play a good governance role.