媒体报道、分析师关注及股价崩盘风险

Media Reports,Analyst Attention and Stock Price Crash Risk

股价崩盘风险严重损害资本市场健康稳定发展,已有研究鲜从媒体和分析师共同作用的角度探讨股价崩盘风险形成机制。鉴于此,选取2011-2020年沪深A股上市公司为研究样本,运用面板回归模型,实证分析媒体和分析师这两种信息中介对股价崩盘风险的影响。结果表明,媒体报道的增加会引起更高的分析师关注度,并通过分析师关注的市场压力渠道加剧股价崩盘风险。基于上述结论提出如下建议:一是加强资本市场新闻媒体监管,树立媒体机构的公信力,引导媒体发挥信息中介的积极作用;二是加强分析师专业素质培育,促使其理性分析媒体信息,客观公正地进行信息披露。

The risk of stock price crash seriously damages the healthy and stable development of capital market.Throughout the research,it is rare to discuss the risk formation mechanism of stock price crash from the perspective of the joint role of the media and analysts.In view of this,this paper selects shares from Shanghai and Shenzhen A-share listed companies from 2011-2020 as research samples and uses the panel regression model to empirically analyze the impact of these two information intermediaries on the risk of stock price collapse.The results show that the increase in media coverage will attract more attention from analysts and increase the risk through the market pressure channels that analysts are concerned about.Based on the above conclusions,this paper puts forward the following suggestions:First,to strengthen the supervision of the media in the capital market,establish the credibility of media organizations,and guide the media to play a positive role in information intermediary.Second,to strengthen the cultivation of the professional quality of analysts,and promote them to analyse open media information rationally and disclose information objectively and fairly.