【作者】 张宇；

【导师】 孙光国；

【作者基本信息】 东北财经大学 ， 会计学， 2016， 硕士

【摘要】 新闻媒体被称作"行政权、立法权、司法权"之外的第四权力。近年来,一方面,许多研究表明,新闻媒体作为资本市场的信息中介,会积极搜集、整理和发布公司信息,能够起到一定的公司治理作用。然而,另一方面,在利益的驱动下,媒体会利用所掌握的资源进行新闻寻租和新闻敲诈,从公司治理角度来看,寻租的新闻媒体不仅无法起到外部监督的作用,还将损害投资者的权益。其中,最具代表性的就是"21世纪新闻敲诈案",与以往新闻敲诈事件不同,该案呈现出社会化、组织化,规模化、专业化的特点,同时涉及到众多的上市公司和拟上市公司。"21世纪新闻敲诈案"从侧面反映出新闻寻租有愈演愈烈之势并亟需规范。值得关注的是,当新闻媒体报道有偏时,投资者能否判断新闻报道的真实性,从而避免误信引发的损失。如果投资者能够进行判断,是根据什么信息进行判断?如果不能判断,又该如何保护投资者权益?针对这些疑问,在相关理论和文献的基础上,本文通过事件研究法和多元回归分析等实证方法对上述问题进行了探究,研究发现投资者无法区分新闻媒体的失实报道。因此,本文认为,解决"新闻寻租"问题可能是保护投资者的有效途径。本文基于产权理论进一步研究发现,减少"新闻寻租"的关键在于解决媒体外部监督时的交易成本问题。只有法律法规,制度设计和市场秩序的共同完善才能真正解决这个"外部性"问题,提高公司治理水平,保护投资者的利益。从结构来看,本文共包括七章,第一章绪论,主要介绍论文的写作背景、内容、研究方法和创新点;第二章文献综述,从媒体报道对股价和投资者行为影响、媒体报道与公司治理、新闻寻租与投资者识别、媒体外部监督与交易成本四个角度梳理与本文有关的文献并进行述评;第三章案例回顾,主要是对"21世纪"报系的事件方、事件经过和关注要点进行介绍;第四章理论分析和研究假设,通过概念界定、文献回顾、逻辑推演等方式提出主要的研究假设;第五章为样本选择和研究设计,第六章列示实证研究结果,第七章提出本文的建议对策和研究展望。更多还原

【Abstract】 News media has been known as "the fourth power of government" besides administrative power,legislative power and judicial power.In recent years,on the one hand,many studies have indicated that as the capital market information intermediary,news media that actively collects,collates and publishes company information plays a certain role in corporate governance.However,on the other hand,driven by the interests,the media may use their resources for news rent-seeking and media extortion.From the perspective of corporate governance,the rent-seeking of news cannot supervise from external,but also may harm the interests of investors.The "21st Century News Extortion Case" is one of the most representative cases.Different from the traditional extortion,this case presents the characteristics of socialization,systematization,large-scale and professionalization,and numerous listed companies and pre-IPO companies at the same time.The "21st Century News Extortion Case" is also a reflection of the increasingly news rent-seeking and need urgent regulation.It is noteworthy that whether investors can judge the news’ authenticity or not so as to avoid the loss when media report has deviation.If they can,they can base on what information?If they cannot,how can they protect their interests?Based on related theories,literature and case review,this article thoroughly explore the above questions by the method of event study and OLS regression,and discover the investors cannot distinguish the inaccurate news.As a result,solve the problem of"rent-seeking of news" thoroughly is the most effective way to protect the investors.Based on the further study of property rights theory,the fundamental of reducing the "rent-seeking of news" is to solve the problem of transaction cost from the external supervision.Therefore,only the perfection of laws and regulations,system and market sequence can really solve this external problem,improve the level of corporate governance and protect the interests of investors.From the point of structure,this paper consists seven chapters.The first chapter is the introduction which mainly introduces the background,contents,research methods and innovation.The second chapter is literature review.It covers the impact of media reports on the stock price and investor behavior,media coverage and corporate governance,rent-seeking and investor recognition,media supervision and transaction cost.The third chapter is mainly about "twenty-first Century newspaper" case which covers every aspect of the events,process and key points.The fourth chapter is the theory analysis and hypothesis.The paper puts forward the main hypothesis by concept definition,literature review and logical deduction.The fifth chapter is sample selection and research design.The sixth chapter shows the results of empirical research.The seventh chapter put forward suggestions and research prospects.更多还原