摘要
本文利用2004-2011年中国A股上市公司的年度观察数据,实证检验了媒体报道对公司未来股价崩盘风险的影响,并进一步考察了新闻媒体与制度环境两种外部治理机制间的交互影响关系。结果发现:(1)媒体对上市公司的频繁报道显著降低了公司股价未来崩盘的风险,发挥了积极的信息中介和公共监督作用。(2)上市公司所在省市的制度环境越不完善,公司股价未来崩盘的风险显著越高,同时媒体报道对股价崩盘风险的积极影响显著越强,表明媒体报道是弥补中国新兴市场经济正式制度不足的一种重要治理机制安排。
Using a panel dataset of Chinese A-share listed companies from 2004 to 2011,this study examines the effect of media coverage on firms' future stock price crash risk,and further explores the interactive effect between media coverage and institutional environment. We find that( 1) the media coverage significantly reduces firms' future stock price crash risk,suggesting that the media has played a positive role of information intermediary and public supervision;( 2) high levels of institutional environment development significantly reduce firms' future stock price crash risk and also the effect of media coverage,indicating that there is a net substitution effect between media coverage and institutional environment.
出处
《会计研究》
CSSCI
北大核心
2014年第9期53-59,97,共7页
Accounting Research
基金
国家自然科学基金项目(71202061
71072053)的资助
