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近年来,上市公司的新闻报道偏差现象已经十分普遍,学术界随之展开了对新闻报道偏差产生原因的探究。本文从上市公司控股媒体行业子公司视角出发,实证检验媒体关联是否会造成对上市公司的新闻报道偏差。结果表明,有媒体关联的上市公司的新闻报道比没有媒体关联的上市公司多约18%,其中正面报道多约10%;而且,在有媒体关联的公司样本中,随着媒体关联关系的加强,报道偏差也随之加剧。另外,本文进一步分析了上市公司进行媒体关联的动机,研究证实,通过媒体炒作,有媒体关联的上市公司的公司价值会有所增加。本文结论表明,上市公司有动机通过媒体关联谋求媒体倾斜,这一现象应引起监管部门和投资者的注意。
In recent years, the news reports of listed companies, the phenomenon of bias has been very common, academics followed by the news coverage of the causes of bias. This article from the perspective of listed companies holding the media industry subsidiaries, the empirical test whether the media association will result in bias in news reports of listed companies. The results show that listed companies with media-related news coverage is about 18% more than the listed companies without media-related affiliations, of which about 10% are positive reports. Moreover, with media-related company samples, with the media affiliation strengthened Report bias also will be aggravated. In addition, this article further analyzes the motivation of listed companies to make media connections, and studies confirm that through media speculation, the value of the listed companies with media-related companies will increase. The conclusion of this paper shows that listed companies are motivated to seek media tilt through media associations, a phenomenon that should arouse the attention of regulators and investors.