媒体关联与新闻报道偏差——来自我国上市公司的经验证据

Media Link and the News Coverage Bias—— Evidence from the Listed Companies in China

近年来,上市公司的新闻报道偏差现象已经十分普遍,学术界随之展开了对新闻报道偏差产生原因的探究。本文从上市公司控股媒体行业子公司视角出发,实证检验媒体关联是否会造成对上市公司的新闻报道偏差。结果表明,有媒体关联的上市公司的新闻报道比没有媒体关联的上市公司多约18%,其中正面报道多约10%;而且,在有媒体关联的公司样本中,随着媒体关联关系的加强,报道偏差也随之加剧。另外,本文进一步分析了上市公司进行媒体关联的动机,研究证实,通过媒体炒作,有媒体关联的上市公司的公司价值会有所增加。本文结论表明,上市公司有动机通过媒体关联谋求媒体倾斜,这一现象应引起监管部门和投资者的注意。

In recent years, the news coverage bias of listed companies has become very popular, and scholars start to do some researches about why it occurs. In this paper, we examine whether media link will lead to the news coverage bias of listed companies empirically from the particular perspective of listed companies owning subsidiaries in media industry. The result shows that listed companies with media link have about 18% more news coverage than control group, and about I0% more good news than control group. What＇s more, in the samples with media link, the stronger of the media link, the bigger of the news coverage bias. Furthermore, we analyze the motivation underlying the listed companies＇ attempt to have the media link and find that the firm value of the media-linked listed companies that utilize media hype would be higher. Such empirical research results indicate that the listed companies have the motivation to seek media slant through the media link, and this is what regulators and investors should pay attention to.