A Study On The Phenomenon Of Communication Failure Of Financial And Economic Media In China

Aiming at the phenomena of communication failure among current financial and economic media in China, this thesis stepwise examined and considered them in a deep-going way according to the basic mentality from appearance to essence. The paper placed emphasis on analyzing how financial and economic media manifest power as means of communication; how they have created the social relationship; the dynamic relationship which continue to evolve between the financial and economic media and social economy, and to what extent the financial and economic media produce the communication failure in financial and economic fields. The paper also tries to explore ideas and methods to solve these problems. As an important part of the China financial and economic media, the financial and economic TV media such as CCTV2, CBN, ect. are chosen to be the main objects of study in this thesis.Concretely speaking, the major contents and points of view of this thesis are addressed below:Chapter I presents the phenomena of communication failure during the communication process, such as information distortion, misleading audience, etc., which were typified in the information communication in stock market and the Competition for Annual Economic Figures. Chinese stock market is the prodcut of the reform of economic system in China. Influenced by Chinese characteristic, stock information become an abnormality which can't be transmitted effectively with some abnormal ways of communication, such as group communication, and rumor communication and the attempts to manipulate the stock market by the collusion between the media and analysts. The original intention of Competition for Annual Economic Figures organized by the media is just to sum up the work of the commercial and business circles. Howerver, in the actual operation, instead of being a simple rating or a set of data, it has granted great social influence for the ranked companies and individuals, as well as holding the audience's attention for media. Therefore, the subsequent direct or potential benefit make the activity alienated, as all kinds of complex political and economic factors make it a wonderful media marketing of financial and economic media. The complex and multiple game between media and companies then make the activity a real media event plotted by media and companies.Chapterâ…¡describes the potential trouble made by the financial and economic media in its development and evolution from a historical perspective. Financial and economic media are derived from the traditional economic media. In process of transformation from "economic" to "financial and economic" media, financial globalization, the increase in investment risk, the inclined dependence of the financial media on specific news sources, and the increasing concentration of media market structure, all have great impact on the ethics, role and function, and operational methods of the financial and economic media, and impose challenges to their normal and effective communication.In the third chapter, in depth of financial and economic media, we analyze the role orientation of media which creates communication failures, the product attribution of media as well as the various contradictions and conflicts of the media expression. As an "economic man", the financial and economic media and financial press can take the pursue of maximizing their own interests as goals, but as a "gatekeeper", the financial press still need to take the maximization of the whole social benefit as the ultimate objective. The conflicts of the role orientaion between "gatekeeper" and "economic man" of the financial and economic media may result in frequent malfunction of communication. As public products, news is more valuable with broader scope of communication and more audience. However, as information, its value actually lies in its scarcity. The increase in the number of users means less scarcity and decreased value. The characteristic that the economic man chases the benefit maximization will urge the financial and economic media to resolve the conflicts by giving priority to the eveluation of interests while making choices, so that the information completely losts its original nature. To the receivers, because of the confusion and doubts about the authenticity, despite of their demand for the stock market news from the financial and economic media theoretically, they reject it in fact. As a content type of numerous media, the content of the financial and economic media will be inevitably influenced by the popular trendency of news reports. The reporting strategies to attract the receivers' eysballs may only lead to the change of narrative styles for other types of media products, but for the financial and economic media which takes data, reporting form, and the trend analysis as the basic means of communicartion, as well as accuracy and precision as the essential requirements, they may result in the consequence as "a miss is as good as a mile".Chapter IV analyzes the phenomenon of communication failure from the perspective of power. Power is the fundamental solution to all social problems. From this perspective, the thesis claims that the root for the communication failure of current financial and economic media is the power game among the government, media, and the media. The power of the financial press is under the control of the agents of the financial media practitioners, the economic man and the media person, which intends to affect and change the economic thoughts, the behavior psychology, culture, as well as the right of information production and disseminating of the objects of power. As the media are more and more market-oriented as a whole, the financial media due to close contact with the economic field, has become the economic center itself; the frequent flow of information has made the financial media the main body of economy and affected the economical development profoundly, so "media power" would be shaped into economic power bringing rich profits. Financial media is gradually participating in a variety of profit-oriented business activities, so that the boundaries between financial media and business organizations have become increasingly blurred. Both sides hope to achieve the objectives of their own interests through the power of the other, so the tendency of the integration between the two sides is inevitable, and they gradually form a stable relationship. The result is that the core idea of journalism tends to be more market-oriented economic concept. The intervention of governmental authority did not achieve the anticipated goal, and the governmental behavior itself also has its inherented limitations. A case inpoint is that specific securities information disclosure system in China may be unfair for the stock and financial market as a whole, moreover, it may produce shackles for the norm and normal development of future market. At the same time, the inconsistency with the core idea of journalism are increasingly exposed. Taking " Annual Economic Figures " organized by CCTV as an example, the paper presents and analyzes the three-win-win situation among the business, government and media in contrast with the process of information alienation.In modern society, the coexistence of the "market failure", "government failure" and "communication failure" shows that neither the market, nor the government, or the media can work separatly when providing information products for the public. A sound system of information dissemination mechanisms must contain three mechanism or three forces at the same time. The conclusion part of the thesis presents a tentative idea-we should establish a media public service supply model which is much closer to the ideal goal of the civil society. While in the process of implementation of this model, how to construct an active and constructive partnership among the market, government and financial and economic media, how to make an institutional innovation in order to promote the internalization of external benefits, should be the key to success.