媒体情绪与公司风险承担关系研究--基于媒体情绪的“掩饰”效应

The Research on the Relationship between Media Sentiment and Corporate Risk-taking:Based on the“Cover up”Effect of Media Sentiment

已有研究表明,媒体报道作为重要的外部治理机制,可以抑制公司委托代理矛盾。然而越来越多的研究发现,媒体受多种因素干扰存在着选择性和倾向性报道即媒体情绪。本文基于2006—2017年沪深两市上市公司的研究发现,媒体情绪与公司风险承担之间显著负相关。国有企业、关系网络越丰富的上市公司,媒体情绪对公司风险承担的抑制作用越显著;良好的公司治理水平可以抑制媒体情绪对公司风险承担的负面影响。研究还发现,相比于负面情绪的监督作用,正面情绪的“掩饰”效应更为显著。同时,媒体情绪对公司风险决策的影响会随时间增加而递减。本文的研究结果证实了媒体情绪可能削弱乃至丧失媒体的外部监督职能,加剧公司委托代理冲突。研究拓展了媒体情绪对上市公司的经济影响,丰富了媒体公司治理的相关理论,对资本市场健康发展具有一定的实际意义。

Early studies have shown that media coverage,as an important external governance mechanism,can inhibit the principal-agent contradiction within companies.However,an increasing number of studies have found that media coverage is interfered by many factors,and there are selective and tendentious coverages,that is,media sentiment.Based on the data of listed companies in Shanghai and Shenzhen stock markets from 2006 to 2017,this paper finds that there is a significant negative correlation between media and corporate risk-taking.State-owned enterprises and listed companies with richer relationship networks,the more significant the inhibitory effect of media sentiment on corporate risk-taking.A good level of corporate governance can suppress the negative effects of media sentiment on the corporate risk-taking.This paper also finds that compared with the supervision effect of negative coverage,the cover up effect of positive coverage is more remarkable.Simultaneously,the impact of media sentiment on corporate risk decision-making will decrease with time.The results of this paper confirm that media sentiment may weaken or even lose the external supervision function of the media and aggravate the principal-agent conflict.The research expands the economic impact of media sentiment on listed companies,enriches the relevant theories of media corporate governance,and has certain practical significance for the healthy development of capital market.