摘要
媒体作为新时代背景下信息的收集者和传播者,对资本市场的影响日益突显。因此,本文选取创业板上市公司的年度财务数据和媒体关注数据,研究媒体关注对上市公司股票定价效率的影响及其作用机制。研究表明:(1)媒体关注能够显著提高上市公司股票定价效率;(2)媒体关注对上市公司股票定价效率的影响存在明显的中介效应,即媒体关注可以通过改善上市公司的信息环境、提升治理水平进而提高上市公司股票定价效率。
As the collector and disseminator of information in the new era,the media has an increasingly prominent impact on the capital market.Therefore,this paper selects the annual financial data and media attention data of GEM listed companies to study the impact of media attention on the stock pricing efficiency of listed companies and its mechanism.The research shows that:(1)media attention can significantly improve the stock pricing efficiency of listed companies;(2)there is an obvious mediating effect on the impact of media attention on the stock pricing efficiency of listed companies,that is,media attention can improve the information environment of listed companies and enhance the efficiency of listed companies.The level of governance further improves the stock pricing efficiency of listed companies.
出处
《投资研究》
CSSCI
北大核心
2022年第9期143-158,共16页
Review of Investment Studies
关键词
媒体关注
信息环境
治理水平
股票定价效率
Media attention
Information environment
Governance level
Stock pricing efficiency
作者简介
张延良,经济学博士,山东财经大学金融学院教授,硕士生导师,研究方向,金融市场与证券投资;崔海涛,山东财经大学金融学硕士研究生,研究方向,金融市场与证券投资;李琪,山东财经大学金融学硕士研究生,研究方向,金融市场与证券投资;白清超,经济学硕士,山东高速信联科技有限公司
