媒体传闻、公司澄清与经济后果性研究

Media rumors not only amplify price volatility through investors' noise trading and destroy the company's market reputation and credibility, but also undermine the security and stability of financial markets eventually. Although the impact of rumors is significant, there is little research in this field. Considering China’s institutional background, this project studies the factors which impact media rumors and clarification and their economic consequences with a unique dataset on the basis of communication theory, psychological theory, information theory and limited attention hypothesis. More specifically, we examine: (1) the factors that influence the generation, accuracy and tendency of media rumors; (2) the market influence of media rumors and the impact of focal companies’ characteristics on the quality of the clarification announcement (in terms of timeliness and understandability); (3) the impact of rumors and clarification on the short-term market reaction and long-term crash risk.. The findings will not only extend the literature of media governance, behavioral finance and asset pricing, but also help the investors screening information so as to make better-informed financial decisions. Moreover, our findings will also help guide the involved company to issue clarification and rebuild reputation and credibility and offer some insights for the policy-makers and regulators to oversee media coverage and curb the spread of rumors.

媒体传闻通过投资者的噪音交易放大了资产价格波动，破坏了公司的市场声誉和公信力，对金融市场的安全和稳定带来威胁。虽然传闻影响重大，但国内外对此缺乏系统性研究。本课题以我国《信息披露管理办法》为制度背景，利用上市公司澄清的独特数据，结合传播学、心理学、信息理论和有限注意力假说，研究媒体传闻和澄清公告的影响因素和经济后果。具体研究如下问题：（1）媒体传闻的产生、真实性和倾向性的影响因素；（2）传闻的市场影响力和被传谣公司特征对澄清公告质量（以及时性和清晰度衡量）的影响；（3）传闻和澄清公告对短期市场反应和长期股价崩盘风险的影响。.本课题不仅有助于拓展媒体治理、行为财务学和资产定价的研究，实证结果也为投资者甄别信息、依赖信息制定决策；公司发布澄清公告消除传闻对声誉和公信力的损害；监管机构监督媒体报道，遏制不实传闻传播提供了实证支持。

媒体传闻通过投资者的噪音交易放大了资产价格波动，破坏了公司的市场声誉和公信力，对金融市场的安全和稳定带来威胁。虽然传闻影响重大，但国内外对此缺乏系统性研究。本课题以我国《信息披露管理办法》为制度背景，利用上市公司澄清的独特数据，结合传播学、心理学、信息理论和有限注意力假说，研究媒体传闻和澄清公告的影响因素和经济后果。具体研究如下问题：（1）媒体传闻的产生、真实性和倾向性的影响因素；（2）传闻的市场影响力和被传谣公司特征对澄清公告质量（以及时性和清晰度衡量）的影响；（3）传闻和澄清公告对短期市场反应和长期股价崩盘风险的影响。.本课题不仅有助于拓展媒体治理、行为财务学和资产定价的研究，实证结果也为投资者甄别信息、依赖信息制定决策；公司发布澄清公告消除传闻对声誉和公信力的损害；监管机构监督媒体报道，遏制不实传闻传播提供了实证支持。

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