Study On The Relationship Between Media Coverage,Investor Attention And Corporate Value

Along with the advent of the era of big data,huge amounts of data information and the individual investor's limited attention to the differences between the increasingly significant,individual investor's limited attention to how to allocate more easily influenced by outside factors.At this time,the online and offline media are developing rapidly,and all kinds of news reports in the media are filled with people's life.Especially for China's relatively backward investment market,all kinds of news information will directly influence investors' decision.In recent years,the research on the influence of media and investors on the market has gradually increased,and the big data background provides more possibilities for the quantification of the behavioral characteristics of media and investors.But previous research perspective will be focused on more effect on the stock returns,and in this paper,from the perspective of corporate finance,a full range of media and investor behavior for company market value and book value two aspects,the influence of and give full consideration to the possibility of interaction that exist,has important theoretical significance and practical value.In the analysis of the influence of media and investors on the company's existing studies,mostly focus on the most simple and direct correlation,and no further analysis of media and investors to influence corporate market value and book value the company respectively in the course of interaction,can not effectively explain the mechanism of the media and investors to the company.This paper for the existing literature on the system,introduced the communication theory and related theory,such as limited attention of the media and investors behavior mechanism has carried on the theory discussion.Guide in the empirical study,this paper USES the heat press and news mood index respectively in the database as A measure of the media attention and media mood proxy variable,interest in with dispatch as proxy variable of investor attention,in the first quarter of 2014 to 2017 in the fourth quarter of all a-share companies as research samples,through the OLS multiple regression and fixed effects/random effects regression,Fama-the return of Macbeth class model contrast analysis,explore media attention or emotional interactions with investors pay close attention to the value of the company,the empirical results show that eventually media attention,media sentiment index and investors attention,are to be for the company's market value and book value of A positive impact,and the media attention and media sentiment all is closely related to the investors' attention,media focus and the influence of media sentiment for the value of the company,mainly through the indirect effect on investor behavior decision effect,investor behavior is the main factors affecting the value of the company,real it consistent with other scholar's research results.Finally,this paper puts forward a series of policy Suggestions from the perspective of investors,media and market regulators,which provides a useful reference for financial practice in various fields.