异质性媒体与资本市场信息效率

Heterogeneous Media and Information Efficiency of Capital Market

新闻传媒通过其信息处理和传播功能,对资本市场的信息整合产生了重要影响。不同于以往的研究,文章深入新闻传媒行业内部,探讨了不同类别的媒体(中央媒体与各地方媒体)对中国资本市场信息效率的差异化影响。研究发现:中央媒体既可以直接提升资本市场信息效率,又可以通过削弱政治关联对资本市场信息整合的不利影响,间接改善资本市场信息效率;地方媒体虽然能够直接提升资本市场信息效率,但是无力削弱政治关联对资本市场信息整合的不利影响,其间接渠道并不起作用。这一结果考虑了媒体跟踪上市公司时可能产生的内生性问题,在一系列稳健性测试中始终存在。文章认为,相对于地方媒体,中央媒体在信息透明度较低情况下的信息获取和处理的能力优势,以及面对政治关联时保持客观报道的独立性优势,可以解释这一发现。

Media can greatly influence information incorporation of capital market through its information processing and communication functions. Different from previous study,this paper investigates the differentiated impact of heterogeneous media （central media vs. local media） on the information efficiency of China＇s capital market.It comes to the results as follows：firstly, central media can directly advance information efficiency of the capital market and also indirectly improve information efficiency of the capital market through weakening the adverse effect of political connections on information incorporation of capital market; secondly, although local media can directly advance information efficiency of the capital market,it is basically unable to erode the adverse effect of political eonnections on information incorporation of capital market and does not play an indirect role when political involvement faces local media.The results take the possibly resulting endogeneity when the media tracks listed companies,and are still robust in a series of tests. It believes that compared with local media, the central media can provide an explanation for these findings owing to its information acquisition and processing advantages under low information transparency and objective advantage of maintaining objective coverage when political capture pressure faces it.