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1.
以2009年至2012年在深圳中小板上市的193家公司为研究对象,从媒体关注和媒体监督两个维度考察了媒体报道对公司IPO融资效率的影响。研究发现,媒体关注与公司IPO融资效率具有显著的负相关关系,媒体关注越多,公司IPO融资效率越低;媒体监督则与IPO融资效率具有显著的正相关关系,媒体监督可以有效提高公司IPO融资效率。实证结果表明,在中国投机氛围浓厚的典型弱有效市场背景下,媒体通过负面报道发挥的监督作用有助于公司IPO融资效率的提高。  相似文献   

2.
本文以2006—2014年上市的1107家A股IPO公司为样本,研究了承销商声誉对公司媒体报道、进而对IPO首日抑价的影响。研究发现:(1)媒体关注与IPO首日抑价正相关;(2)承销商通过媒体报道这一中间传导环节提高新股首日抑价;(3)IPO承销商声誉有助于公司获得更高的媒体关注,特别是来自地方性媒体的关注,2009年6月IPO发行政策改革后,承销商声誉对媒体关注影响增强。本研究有助于进一步揭示并理解金融中介对资产定价影响的内在机理。  相似文献   

3.
媒体作为重要的外部治理机制,对降低代理成本具有举足轻重的作用。以2010年时存续期在5年及以上的股份制保险公司为研究样本,借助于样本公司2010年到2014年的数据,运用多元回归模型,检验了媒体监督在我国保险公司治理中的功能。研究发现,媒体监督能够显著降低保险公司的代理成本,对于信息透明度低的公司效果更为显著;媒体监督与董事会各治理机制呈显著的互补关系,即媒体监督能够强化和激活董事会各治理机制,董事会各治理机制的合理配置也能够促进媒体监督职能的发挥。研究表明媒体监督在保险业具有重要的治理职能,完善保险公司现代企业制度建设应将外部治理机制和内部治理机制并重,并关注内外部治理机制间的相互作用。  相似文献   

4.
本文以中国1993~2009年期间的1158家IPO(其中A+H公司36家)为样本,实证检验了A+H双重上市与公司IPO行为之间的关系。研究发现:A+H双重上市与单位权益发行价、IPO定价效率、融资规模效率均显著负相关,表明A+H双重上市非但没有给公司带来IPO溢价,反而导致更高的IPO抑价。进一步分析表明,A+H公司的更高IPO抑价与其大规模的股票发行数量显著正相关,正是A+H公司的大规模股票发行迫使发行人和承销商采取低价策略以保证成功IP0,并导致A+H公司具有偏好在热市期上市的择时行为。  相似文献   

5.
本文以1198家中国IPO公司为样本,首次从信息不对称理论视角探索了IPO补税对IPO抑价的影响及其理论解释。研究发现:(1)IPO补税对IPO抑价具有显著正向影响,在控制其他影响因素后,IPO补税公司比非补税公司的IPO抑价要高7.8%,这相当于平均少融资超过2000万元。(2)基于信号理论、“赢家诅咒”理论以及委托代理理论这三类信息不对称理论的检验表明,只有委托代理理论有助于部分解释IPO补税与IPO抑价的正相关关系——IPO补税公司抑价更高可能源于公司管理层对承销商具有更弱的监督动机,而非公司对承销商缺乏有效的报酬激励。进一步研究还发现,IPO补税对IPO抑价的正向影响在承销商声誉较低时以及信息更不透明(如中小板和创业板、税收征管强度较低地区)的环境中表现更为突出。  相似文献   

6.
已有研究表明,媒体报道作为重要的外部治理机制,可以抑制公司委托代理矛盾。然而越来越多的研究发现,媒体受多种因素干扰存在着选择性和倾向性报道即媒体情绪。本文基于2006—2017年沪深两市上市公司的研究发现,媒体情绪与公司风险承担之间显著负相关。国有企业、关系网络越丰富的上市公司,媒体情绪对公司风险承担的抑制作用越显著;良好的公司治理水平可以抑制媒体情绪对公司风险承担的负面影响。研究还发现,相比于负面情绪的监督作用,正面情绪的“掩饰”效应更为显著。同时,媒体情绪对公司风险决策的影响会随时间增加而递减。本文的研究结果证实了媒体情绪可能削弱乃至丧失媒体的外部监督职能,加剧公司委托代理冲突。研究拓展了媒体情绪对上市公司的经济影响,丰富了媒体公司治理的相关理论,对资本市场健康发展具有一定的实际意义。  相似文献   

7.
2009年以来中国资本市场IPO融资超募现象引起了学者和社会公众的诸多质疑,也引起了监管当局的关注。本文选取1998-2009年上市公司数据初步研究了IPO融资超募与随后资金滥用的关系。研究发现,IPO融资超募的确容易导致上市公司的过度投资和高管薪酬的过度发放。这表明融资超募现象的确损害了资本市场的资源配置效率。  相似文献   

8.
本文基于理论分析提出媒体关注对不同产权性质的企业融资约束影响的两个假说,并选取深圳主板和中小板上市公司为样本,以一个扩展的现金—现金流敏感性模型为基础对比研究了媒体关注对于民营企业融资约束的影响。结果表明,相对于国有企业,媒体关注更能显著缓解民营企业的融资约束。  相似文献   

9.
媒体监督短期内能弥补法律环境对公司投资效率的影响.为此,文章以房地产上市公司为样本,探究媒体监督在我国法律环境短期内无法完全发挥其对公司的监督作用时对公司投资效率的影响,文章认为在法律环境监督效果弱化的的情况下,媒体监督不仅仅弥补影响公司整体治理效果,同时对公司投资效率也有显著影响.媒体监督对上市公司投资效率的影响,在短期内与法律环境是互补的.  相似文献   

10.
以2008-2014年中国上市企业为样本,考察不同产权性质下经理管理防御对会计信息透明度的影响,并进一步分析媒体监督对二者关系的调节作用.研究发现:在国有企业中,经理管理防御对会计信息透明度具有负向影响;而在民营企业中,经理管理防御显著提高了会计信息透明度.进一步发现,在国有企业中,媒体监督能显著抑制经理管理防御与会计信息透明度之间的负向关系;而在民营企业中,媒体监督不具有显著的调节效应.  相似文献   

11.
Dana Klisanin 《Futures》2010,42(10):1119-1125
Our existing model of media, based upon a consumptive-materialist–atomistic orientation, falls short in seeking to promote mainstream awareness of systemic and integral thinking in society-at-large. This paper presents evolutionary guidance media, a new model for media arising from evolutionary perspectives including systems science, humanistic, transpersonal and integral studies designed to promote planetary consciousness and give rise to an ecological–spiritual–integral mindset. Two key elements of evolutionary guidance media are discussed: a databank containing purposeful data from nine or more dimensions of human activity, and transception, the infusion of cyberception with qualities arising from mutual causality. Specific types of transception are introduced including Gaiaception, Agoraception, and Dharmaception. Organizations and companies already in the process of creating green media, socially responsible media, and spiritual, or transformational media are vanguards of the development of conscious media.  相似文献   

12.
随着网络技术和网络传媒在我国的迅速发展,贴吧、博客、博文、网络空间等自媒体得到了广泛的应用,大学生参与信息传播的热情度越来越高,高校学生群体中的政治舆论导向就显得越来越重要.本文从中日钓鱼岛争端中的网络舆论引出加强校园网络平台建设的必要性,并解读了大学生校园舆论的特点,最后提出了引导学生舆论走向的举措.  相似文献   

13.
在由计划经济向市场经济转型过程中,我国政府职能正加速向“服务型”政府转变。适应媒介融合发展的趋势,电子政务在各级政府部门方兴未艾。媒介产业日益融合的今天,电子政务立足于互联网平台,涵盖了微信、微博、各类手机APP等多种媒体形式。完善的电子政务服务有利于提升公众对政府的信任和公共服务的满意度。当前电子政务媒介效应经验评价方法主要有层次分析法(AHP)、结构方程法(SEM)、因子分析和DEA方法,但这些方法在指标体系选择和测评方法的适应性方面还存在不足,努力构建普遍适应的、数据可获取性强的电子政务媒介评价方法体系是今后该领域研究的方向。  相似文献   

14.
媒体融合趋势下内容和渠道的分离,也正彰显了传统媒体和新媒体各自的优势所在,报业应坚持以"内容为王"为导向,利用数字化平台制作出全媒体的融合新闻,借助新媒体传输手段和接收终端的多样化拓展渠道,变挑战为机遇,保存实力进行长足发展,为未来的产业融合和所有权融合做好充分准备。  相似文献   

15.
Abstract

Smoke haze and dengue fever seasons were nationwide environmental health risk events that plagued Singapore between April and June 2013. Although relatively harmless compared to dengue fever, people in Singapore were visibly more disturbed by smoke haze. They engaged in preventive behaviors such as frantic purchasing of protective masks or staying indoors most of the time. Such reactions hint at the possibility of the social amplification of risk, a term coined to explain irrationally high public concerns over relatively minor risk issues, due to the visible nature of the risk event or people’s reactions to it. The current study aims to confirm the social amplification of risk for the haze event, as well as to test for the underlying reasons behind this phenomenon. Among the antecedents explored were the influence of information channels (traditional media and social media) on risk perception, negative affect, information seeking, and information sharing on the enactment of preventive behaviors. Data were collected from a sample of 343 college students through an online questionnaire. Results supported the presence of social amplification of risk for the haze event, and social media exposure was found to overshadow the influence of traditional media exposure on risk perception, negative affect, information seeking, information sharing, and preventive behaviors.  相似文献   

16.
Focusing on the role of language in categorization and on the broad conceptual field centred on the morpheme nano, this study addresses the association between phenomena referred to by words having nano as a constituent and risk in Swedish newspaper reporting. The study raises the question of how nano-associated phenomena (e.g. nanotechnology and nanoparticle) are represented as risks? Articles considered for analysis contain both a word having nano as a constituent and the Swedish words for risk or danger. Articles representing nano-associated phenomena (e.g. nanotechnology and nanoparticle) as risks mainly fall into one of five groups: (I) nanotechnology, without reference to particles, materials or products; (II) nanotechnology, nanoparticles, nanomaterials and/or products containing such particles and materials; (III) nanoparticles in products, but without reference to nanotechnology; (IV) nanotechnology and nanorobots; and (V) non-nanotechnological nanoparticles. For each group, using a theoretical approach addressing the relational nature of risk, the paper analyses representations of objects at risk, bad outcomes, causal conditions, reference to applications and sources cited. Various patterns of these categories emerge for the five groups, indicating a diversified set of associations between nano and risk. In certain respects, the findings support the results of other studies of media reporting on nanotechnology, suggesting certain international patterns of newspaper coverage of nanotechnology drawing on both science and science fiction.  相似文献   

17.
本文从介绍新媒体人手,着重探讨了在新媒体环境下新闻传播的发展情况.不同于以往的纸媒,电视等传统传播媒体,新媒体的出现给新闻传播带来了不小的改变.本文从新媒体新闻在价值取向上的变化展开讨论,在新闻价值要素、新闻价值侧重点、正在形成新的价值取向三个方面解析了如何变化及变化趋势.接着又解释了新媒体在信息传播中的作用与影响,从宏观把握了这一主题.最后,展望在新媒体环境中新闻传播的前景,并预测其趋势.  相似文献   

18.
This paper seeks to address the perceived failure of university teaching to foster critical understanding of audit practice and to identify a potential remedy. It contributes to the debate (Maltby, 2001, “Second thoughts about ‘Cases in Auditing’,” Accounting Education: an international journal, 10(4), 421–428) by investigating the double-faceted nature of auditing: as a sub-set of the academic discipline of accounting and as professional practice. Although case studies are helpful for students of auditing, they tend to be artificial, or at best, retrospective. This paper introduces a different type of case study for audit education using corporate failure stories from the media as an example, proposing and explaining the notion of the ‘living case’ in order to foster critical appraisal of audit practice. It contributes to the literature on audit education by describing how this different type of case can address both the technical activities and the social practice of audit through Kolb's (1984, Experiential Learning: Experience as the Source of Learning and Development, Englewood Cliffs, NJ: Prentice Hall) experiential learning theory and thus concludes that there is a place for the practical nature of auditing in academic study, in order to fully appreciate the social aspects.  相似文献   

19.
This study examines the determinants of Facebook activity levels with a particular focus on Facebook activity around earnings announcements. Facebook activity is generally higher for firms with higher levels of analyst following, individual ownership, and trading volume, indicating that it is responsive to investor demand effects. Facebook activity also increases around earnings announcements, with the increase being largely attributable to posts containing earnings news. In general, therefore, firms use Facebook posts to amplify earnings news. Such activity is selective, however; it is lower for firms with high levels of information asymmetry, for firms reporting earnings that exactly meet the consensus analyst forecast amount, and when the earnings news is negative but the accompanying price movement is positive. Hence, firms appear to use Facebook to manage the level of attention paid to earnings news.  相似文献   

20.
Using 86,891 tweets, from the official corporate Twitter accounts of 715 unique firms, this study examines whether and how managers strategically attract and distract investors’ attention from corporate news through Twitter. We find that firms with good earnings news use Twitter to post more earnings-related information directly, whereas firms with bad earnings news post more non-earnings-related information on Twitter. We further find that depending on earnings performance firms strategically choose the format of tweets (qualitative or quantitative) and the tone of earnings tweets (positive or negative) to attract investors’ attention to good news or distract investors’ attention from bad news. Our results are robust to difference-in-differences (DID), alternative sample periods, and different variable specifications. Our findings provide empirical evidence for investors and regulators regarding current practices in corporate information on Twitter.  相似文献   

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