康进军,王 敏,范英杰.媒体报道、会计稳健性与股价崩盘风险[J].南京审计学院学报,2021,(3):
媒体报道、会计稳健性与股价崩盘风险
  
DOI:
中文关键词:  媒体报道  会计稳健性  股价崩盘风险  信息效应  声誉效应  会计信息质量
英文关键词:media coverage  accounting conservatism  stock price crash risk  information effect  reputation effect  accounting information quality
基金项目:国家社会科学基金项目(19BGL067)
作者单位
康进军,王 敏,范英杰 青岛大学 商学院山东 青岛 266000 
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中文摘要:
      新闻媒体的信息传播和监督治理功能在减少信息不对称、缓解管理者囤积坏消息等方面发挥着重要作用。以沪深A股上市公司2012—2018年非平衡面板数据为样本,通过OLS回归分析上市公司股价崩盘风险是否会受到媒体报道及会计稳健性的影响。实证结果表明,媒体报道和会计稳健性与股价崩盘风险呈显著负相关关系,会计稳健性可以强化媒体报道对股价崩盘风险的影响。进一步分析发现,媒体报道与股价崩盘风险之间的负相关主要集中在正面新闻报道较多的公司和诉讼或声誉风险较高的公司。
英文摘要:
      The function of information dissemination and supervision of news media plays an important role in reducing information asymmetry and alleviating managers' hoarding of bad news. Taking the unbalanced panel data of Shanghai and Shenzhen A-share listed companies from 2012 to 2018 as samples, this paper analyzes whether the risk of stock price crash of listed companies will be affected by media reports and accounting conservatism through OLS regression. The empirical results show that there is a significant negative correlation between media reports, accounting conservatism and stock price crash risk. Accounting conservatism can strengthen the impact of media reports on stock price crash risk. Further analysis shows that the negative correlation between media reports and stock price crash risk mainly centers at companies with more positive news reports and companies with higher litigation or reputation risk.
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