合谋与胁迫:作为经济主体的媒体行为——基于新闻敲诈曝光的事件研究  

Collusion and extortion: Media behavior under economics perspective:An event study based on news extortion case

作　　者：金宇超 靳庆鲁[1] 严青蕾 JIN Yu-chao, JIN Qing-lu, YAN Qing-lei(School of Accountancy, Shanghai University of Finance and Economics, Shanghai 200433, Chin)

机构地区：[1]上海财经大学会计与财务研究院,上海200433

出　　处：《管理科学学报》2018年第3期1-22,共22页Journal of Management Sciences in China

基　　金：国家自然科学基金资助项目(71272012;71472114;71625002);教育部人文社会科学重点研究基地重大项目(15JJD630007);上海财经大学创新团队支持计划资助项目

摘　　要：利用21世纪报系新闻敲诈案的曝光为准自然实验,本文研究媒体作为经济主体,可能存在与公司进行合谋,或中立的监督,抑或利用影响力对公司进行威胁等一系列自利行为.根据曝光日前的新闻报道,将公司分为与媒体"利益相关"组,被媒体"利益攫取"组以及对照组.本文发现,市场在得知媒体的自利行为后,下调了"利益相关"公司组的评价,也对"利益攫取"组的判断进行了一定程度的上调.表现为曝光日"利益相关"("利益攫取")公司组平均为负(正)的市场反应.另外,在被媒体"利益攫取"的公司中,事件媒体所在地公司具有相对较小的事件日正向反应,甚至为负向反应,这说明被媒体威胁后,当地公司更可能妥协并与媒体"合作".Using the exposure of ＂21st Century News Group＂ news extortion case as a quasi-natural experi- ment, this paper examines whether financial media, as an economic subject itself, would conspire with, su- pervise, or even threaten companies. Based on news reports published before the exposure, companies are classified into three groups： the media-interest-related group, themedia-interest-grabbed group, and the con- trol group. The empirical results demonstrate that when the self-interest behavior of the media was exposed, the market would downgrade the valuation of interest-related firms and upgrade the valuation of interest- grabbed firms, as indicated by the significantly negative market reaction to the former group and significantly positive reaction to the latter. There is a less positive or even negative market reaction to local firms within the interest-grabbed group. It shows that geographically nearer firms are more likely to compromise or ＂cooperate＂ with the local media when being threatened.

关 键 词：媒体 合谋 利益攫取 新闻敲诈案 

分 类 号：F830.9[经济管理—金融学]