媒体关注:信息效应抑或炒作效应?

媒体关注作为资本市场的一种外部机制受到广泛讨论,其信息中介作用会产生“信息效应”,媒体立场偏差会带来“炒作效应”。以2012—2019年A股市场进行股权或债券融资的上市公司为样本,通过研究媒体关注在股权融资不同时期的表现和经济后果,对这两种效应进行区分和分别检验。研究发现,相比债券融资的公司,股权融资的公司在融资前具有更高的媒体关注度。在股权融资期,媒体关注度越高,股票发行折价率越低,公司市场绩效越好。融资期存在异常媒体关注的样本中,融资后市场绩效反转,媒体关注发挥了“炒作效应”;在剩余样本中,融资后市场绩效未出现反转,媒体关注发挥了“信息效应”。研究揭示了媒体关注的双面性,据此提出政府和相关机构应进一步完善相关法律法规,促进上市公司信息披露及时有效,约束媒体报道偏差行为;资本市场参与者应拓宽资讯获取来源,减少非理性的跟风投资行为;监管机构应提高对相关违规行为的处罚力度。

媒体报道与资产定价:研究综述

近年来,随着媒体和资本市场的发展,财务学研究出现新的研究动向,越来越多的学者关注媒体报道对公司股票价格的影响。为了更好地把握研究现状,本文系统地梳理了媒体报道与资产定价研究领域的国内外相关文献,总结现有研究的分析框架,并从信息不对称、行为金融、公司治理溢价和媒体报道偏差四个视角系统地回顾、评述了媒体报道对资产定价影响的研究成果。在此基础上,提出了进一步研究的思路和建议。

Proximity and Framing in News Media： Effects on Credibility, Bias, Recall, and Reader Intentions

A writer＇s decision to localize a news article and the valence of the frame the writer employs can affect readers＇ perceptions of credibility and bias as well as readers＇ factual recall and the likelihood that readers would want to read the newspaper further. A 2 （proximity： local, non-local） ~ 3 （frame valence： positive, neutral, negative） factorial experiment （N = 136） tested the effects of proximity and frame valence on credibility, perceived bias, recall, and reading intentions. Articles that localized enjoyed greater perceptions of credibility but not recall, while articles with either a positive or negative frame yielded greater recall than articles with a neutral frame. Neither factor exhibited a main effect in predicting perceived bias, but their interaction was a significant predictor. In addition, localization and frame valence also influence the likelihood that participants would want to read the source newspaper again. Implications for theory and media practice are discussed.