鸿沟扩大或上限效果:实地调研中的媒体作用  

“Gap Widening”or“Ceiling Effect”:The Role of Media in Site Visits

作　　者：唐松莲 贺翌 孙经纬 TANG Song-lian;HE Yi;SUN Jing-wei

机构地区：[1]东华大学旭日工商管理学院 [2]华东理工大学商学院 [3]厦门大学管理学院

出　　处：《中央财经大学学报》2024年第4期66-77,共12页Journal of Central University of Finance & Economics

基　　金：国家自然科学基金项目“意愿度、信息流与信息说服力:基于线上调研与实地调研并存场景下的研究”(项目编号:72272031);上海市哲学社会科学规划(一般课题):“数字技术、信息沟通媒介多元化与市场信息效率:来自上市公司疫情限行期的证据”(项目编号:2022BGL006)。

摘　　要：随着数字技术的高频迭代,媒体在资本市场中愈发重要,故明确媒体在信息传播鸿沟中作用至关重要。本文以2012—2020年深交所上市公司为样本,研究实地调研场景下媒体报道在信息传递中的作用。研究发现:第一,媒体报道表现出“鸿沟扩大”效应,即实地调研窗口期媒体报道越多,公司内部人交易获利越多,在引入工具变量等一系列稳健性检验后,研究结论依然成立;第二,媒体报道语调越乐观,“鸿沟扩大”效应越明显,公司内部人越可能利用信息优势在卖出交易中获利;第三,公司治理质量越高,媒体报道“鸿沟扩大”效应越弱,内部人越难利用信息优势获利。研究为明确媒体报道在信息传递中的作用提供证据,也为实地调研信息披露制度建设和提升公司治理质量提供依据。With rapidly digital technology updating,media plays an increasingly essential role in the capital market.Thus,it s imperative to clarify the role of media in information transmission gap.We use a dataset of site visiting of Shenzhen Stock Exchange firms from 2012 to 2020 to study the role of media in information dissemination.The research findings are as followed:(1)the media report shows“widening gap”effect,i.e.,the more media reports during the site visit,the more profit made by insider trading.This conclusion remains valid after the test of instrumental variables and other robust tests.(2)The“widening gap”effect is more pronounced in site visitings with a positive tone of media coverage.Insiders are more likely to take advantage of information to profit from selling trades when the media coverage is optimistic.(3)This effect is mitigated in the company with better corporate governance.It s harder for Insiders to make excess earnings using information superiority in firms with higher governance quality.We provide new insight into the role of media in information spreading.In addition,this study offers empirical evidences to improve the disclosure rule of site visiting and strengthen governance quality.

关 键 词：媒体报道 内部人交易 实地调研 鸿沟扩大 上限效应 

分 类 号：F832.5[经济管理—金融学]