媒体失实报道的溢出效应:传染还是竞争?  

The Spillover Effect of False Reports:Contagion or Competition?

作　　者：李玲[1,2] 郑登津 孙鹏宇 LI Ling;ZHENG Deng-jin;SUN Peng-yu

机构地区：[1]中央财经大学会计学院 [2]中央财经大学管理会计研究中心

出　　处：《中央财经大学学报》2020年第9期44-54,共11页Journal of Central University of Finance & Economics

基　　金：国家自然科学基金青年项目“党组织嵌入与民营上市公司的治理决策:需求、渠道与后果”(项目编号:71802206);教育部人文社科青年基金项目“党组织制度化嵌入民营上市公司的治理效应研究:理论分析和实证检验”(项目编号:18YJC630262);中央高校基本科研业务费专项资金项目(项目编号:QL18005)。

摘　　要：本文以2011-2015年手工收集的媒体失实报道为研究对象,考察媒体失实报道的溢出效应,研究发现:总体来看,媒体失实报道会对事件企业所在行业的其他企业产生竞争性的溢出效应,且这一结果在利好失实报道和利空失实报道中均成立。此外,当失实报道的事件企业属于非食品饮料行业、事件企业为非国有企业时,失实报道的竞争效应更加显著。进一步分析发现机构投资者和分析师等市场中介并未能有效地缓解失实报道的竞争效应。本文的发现不仅肯定了媒体失实报道的竞争性溢出效应的普遍存在性,检验了在不同行业特征和产权性质等情况下媒体失实报道溢出效应的不同波及程度和溢出方向,丰富了现有的研究,而且对于进一步规范和监管中国媒体报道,消除或降低媒体失实报道对中国资本市场的不良影响具有重要的实践意义。Using hand-collected samples from 2011 to 2015,this paper examines the spillover effect of false reports.The study finds that false reports will lead to a competitive spillover effect on other companies in the industry in overall.This result is established whether the false report is positive or negative.What's more,when the event company belongs to the non-food and beverage industry and the event company is non-state-owned,the competitive effect is more significant.Further research shows that market intermediaries such as institutional investors and analysts have not been able to alleviate the competitive effects of false reports.The findings of this paper not only affirm the ubiquity of the competitive spillover effects of false reports but also examine the different extents and directions of false reports spillover effects under different industry characteristics and shareholder characteristics.The above findings enrich existing researches and have important reference value for further standardizing and supervising China's media reports,thereby eliminating or reducing the adverse effects of false reports on China's capital market.

关 键 词：失实报道 溢出效应 竞争效应 

分 类 号：F270[经济管理—企业管理]