媒体热议度能有效降低股价暴跌风险吗？——基于公司透明度调节作用的研究

Can Media Buzz Effectively Reduce Stock Price Crash Risk?——Based on the Research of Corporate Transparency

互联网新闻集快速、真实、海量信息等特征于一身,成为证券市场不可或缺的监督力量。互联网新闻有助于深度挖掘上市公司隐藏的内幕消息,避免不利消息在公司持续囤积带来的股价暴跌。基此,研究选取2014-2017年优矿平台证券关联新闻信息构建媒体热议度指标,探究媒体热议度对公司未来股价暴跌风险的影响,同时考察了公司透明度的调节作用。研究发现,上市公司的媒体热议度越高,未来面临的股价暴跌风险越小。在透明度低(国有企业、机构持股比例低和财务报告透明度低)的企业中,媒体热议度对股价暴跌风险的抑制作用更强。这表明,在证券市场监督机制日益健全的进程中,应正确引导各类财经新闻的报道,有效发挥新闻媒体的监督作用,降低股价暴跌风险,保护投资者权益。

Internet news integrates advantages of fast,real and massive information,and has become an indispensable supervisory force in the security market.Internet news can dig deep into the hidden inside information of listed companies and avoid the collapse of stock prices caused by the continuous hoarding of bad news.Therefore,the unstructured data associated with news information of the securities are chooses.The data from UQER quantitative trading platform are obtained.The sample period is from January 1,2014 to December 31,2017.The Heatindex and the Daynumber variables are used to measure the media buzz degree of a stock.The risk of stock price collapse is measured by CRASH variable,NCSKEW variable and DUVOL variable.We aim to explore the influence of media buzz degree on the risk of future stock price collapse and the role of corporate transparency’s moderating.The empirical analysis shows that the higher media buzz degree represents the lower the risk of stock price collapse.Media buzz degree can suppress significantly the corporate stock price crash risk,specifically in the low transparency firms such as state-owned enterprises,low institutional ownership and low transparency of financial reporting.The findings indicate that we should correctly guide all kinds of financial news reports in the process of securities market supervision system is increasingly perfect and strengthen the supervisory role of news media so that reduce the stock price crash risk and protect the interests of the investors.This research supports the demonstration of effective media governance and makes up for the deficiency of single source on media attention.