网络媒体关注、外部环境与非效率投资——基于信息效应与监督效应的分析  

Network Media Attention,External Environment and Inefficient Investment:Based on the Information Effect and Supervision Effect

作　　者：韩少真[1] 潘颖[1] 李辉[1] 李辽宁[2] 

机构地区：[1]西北大学经济管理学院 [2]长安大学经济与管理学院

出　　处：《中国经济问题》2018年第1期73-85,共13页China Economic Studies

基　　金：教育部人文社会科学研究青年项目(17YJC790046)"中国上市公司年报文本信息披露特征;生成机制与经济后果研究"的资助

摘　　要：网络媒体通过信息效应和监督效应的微观机制影响企业的非效率投资。本文利用2007年至2013年中国A股上市公司面板数据,实证检验网络媒体关注对企业非效率投资的影响,以及外部环境对网络媒体作用的调节效应。研究发现:网络媒体关注的提高降低了企业的非效率投资水平,既能缓解投资不足,亦能抑制投资过度;随着上市公司所处地区的外部环境变差,网络媒体关注缓解投资不足的效应并未发生显著变化,但抑制投资过度的效应却显著降低。文章丰富了网络媒体治理作用的内部微观机制和外部环境影响,为完善媒体治理与资本市场关系提供了新视角。The network media attention mainly through the microscopic mechanism of the information effect and supervi- sion effect influence the inefficiency investment, the information effect is mainly to alleviate under investment, supervision effect mainly inhibit the excessive investment. Use China＇s A-share listed companies in 2007-2013 panel data, the empirical test found that： the network media attention reduces the inefficiency investment, it can not only alleviate the under investment, but also can inhibit excessive investment; With the external environment is poorly, the network media attention to alleviate the under investment has not changed significantly, but inhibit the excessive investment effect is significantly reduced. Article enri- ches the network media governance effect of the internal microscopic mechanism and external environment influence, to perfect media governance provides a new perspective.

关 键 词：媒体治理 信息效应 监督效应 投资不足 投资过度 

分 类 号：F275[经济管理—企业管理] G206[经济管理—国民经济]