媒体关注的市场压力效应及其传导机制

Effect of market pressure of media coverage and its transmission mechanisms

以2006年—2011年中国A股上市公司为样本,基于盈余管理的视角,研究了媒体关注度的市场压力效应及其传导机制.实证结果表明,媒体关注度会通过提升个人投资者关注度形成市场压力效应,从而促进应计项目的盈余管理.进一步研究发现,媒体关注度的市场压力作用对非国有企业的影响显著高于对国有企业的影响.同时还从企业并购、大股东减持等角度进一步证实媒体关注度的市场压力效应主要源于公司的短期利益动机.

From the perspective of earnings management, this paper examines the effect of market pressure of media coverage and its transmission mechanisms using a sample of listed companies during the period from 2006 to 2011. It is found that higher media coverage will lead to higher individual investor attention, causing higher market pressure which enhances accrual-based earnings management. Furthermore, the market pressure of media coverage has a greater impact on non-state-owned enterprises than on state owned ones. From the per- spectives of M＆A and holdings reduction of large shareholders, it is also confirmed that the effect of market pressure of media coverage mainly originates from the firms＇ short-term interest motivations.