媒体记者与公司管理层沟通提高了新闻报道质量吗?——基于公司调研活动的实证研究  

Does Communication Between Media Journalists and Firm Executives Improve the Quality of News Reports?An Empirical Study Based on Company Visits

作　　者：汝毅 呙昊婧 薛健[3] RU Yi;GUO Haojing;XUE Jian(Business School,Renmin University of China;Business School,Beijing Technology and Business University;School of Economics and Management,Tsinghua University)

机构地区：[1]中国人民大学商学院,北京100872 [2]北京工商大学商学院,北京100048 [3]清华大学经济管理学院,北京100084

出　　处：《金融研究》2022年第2期189-206,共18页Journal of Financial Research

基　　金：国家自然科学基金面上项目(批准号71972115);国家自然科学基金青年基金项目(批准号72102224);中国博士后科学基金面上项目的资助。

摘　　要：本文以2007-2019年媒体记者参与的上市公司调研活动作为研究对象,实证检验了媒体记者与公司管理层直接沟通对媒体报道质量的影响。实证结果表明,调研媒体的报道语气整体更加乐观,集中体现在公司公布坏消息的情形之下。此外,仅当公司公布好消息时调研媒体的报道信息含量更高,而当公司公布坏消息时调研媒体的报道信息含量与非调研媒体没有显著差别。以上结果表明,媒体记者同管理层沟通后信息的阐述方式视调研所获取信息的性质而有所不同。进一步研究发现,分析师、机构投资者或者记者同行的共同参与,以及良好的公司信息环境能够帮助调研媒体改善新闻报道质量。参与公司调研是媒体维持和拓展经济业务的重要途径。在使用处理效应模型纠正变量自选择偏差及一系列其他稳健性检验之后,研究结论仍然成立。本文为媒体记者和上市公司管理层直接沟通所带来的经济后果提供了经验证据。Many studies explore the role of media as an information intermediary and corporate monitor in the capital market.However,studies increasingly show that the media’s lack of objectivity and independence can undermine their normal functions.In addition,studies mainly focus on the economic consequences and restrictive factors of news reporting and ignore its production process in which journalists write and compile news articles.The prerequisite for high-quality news articles is that journalists should obtain sufficient information from society and then analyze and interpret their findings accurately and promptly.Therefore,the types of information source channels and their effectiveness are worthy of in-depth discussion.Direct communication with firm managers should be one of the most valuable information sources for financial journalists.However,it is not clear whether journalists can improve the quality of their reporting through this activity.On the one hand,journalists may obtain crucial information and publish more accurate news reports with higher information content,which is called the“information discovery hypothesis”.On the other hand,journalists may alter the tone of their news reports to satisfy the needs of firm managers,leading to more optimistic tone and lower information content,which is called the“reporting bias hypothesis”.China’s special institutional background provides an ideal setting for our study.The Shenzhen Stock Exchange requires listed companies to increase communication with investors,analysts,media,and other market participants through investor relations activities.Using a sample of journalists from prestigious media outlets who visited listed companies from 2007 to 2019 and implementing a difference-in-differences method,we examine whether direct communication between media journalists and firm managers affects the quality of news reporting.The site visit data are obtained from the Corporate Site Visit Database(CSVD)developed by Datago Technology Limited and the investor rel

关 键 词：公司调研 记者参与 新闻报道 乐观性偏差 信息含量 

分 类 号：F272.91[经济管理—企业管理] F832.51[经济管理—国民经济] G212[文化科学—新闻学]