Study On The Influence Of Media Supervising On Informati On Efficiency Of Stock Price

The efficiency of the securities market has been an important topic in the study of financial market.In all kinds of the method to measure the efficiency of the securities market,the efficiency of stock price guiding resource allocation is a significant measurement method usually using the information content of stock price as the measure index.The factors influencing stock price of a country’s stock market can be involved in many aspects.With the development of stock market,media which plays a important role in supervising stock market gives more and more news report about the public company.Does the media attention on the stock market influence the content of specific information reflected by the price of securities?What is the influencing mechanism? These questions are urgent to be studied.Based on the summary of relevant literature,in the perspective of theory and empirical, this paper studies how media reports influence the specific information of public company in stock price.Firstly,this paper explains the theory that media reports influence the specific information of public company in stock price in the perspective of the Markowitz model, Behavioral finance and Institutional economics.Then,in the analysis of the public company in Stock Exchange of our country,this paper studies the relation between media reports and the efficiency of stock price reflecting information,using the fluctuation of stock price non synchronicity method which is created by Roll(1988) and the method of case analysis.The result of case analysis shows that the increasing media report increase the content of specific information of company in stock price,and reduce stock price synchronicity,and improve the efficiency of market information.Relevant policies and measures will help improve information efficiency and resource allocation efficiency of the securities market: regulating media information release, the establishment of media competition mechanism,perfect the listing Corporation information disclosure system, improve the quality of the investors etc..