A Study On The Role And Effect Of Media Experts In Corporate Media Disclosure

With the rapid development of the modern media industry, as an important intermediary in the information media influence on asset prices have become an increasing concern, and has become a hot frontier corporate finance and financial field. Moreover, it is based on the angle of media type, source, quantity and tendencies, and to study the impact of the media on asset prices or income; many studies have shown that the media has become an important factor in asset pricing. Currently, the major concern is how the media affect asset prices, and whether there are other important factors that may affect the company’s media reports are less concerned; in other words, the company’s stock price since the media has such an important influence, then the existence of the media to promote the company exposure promoter behind it. Therefore, this article focuses on the role of the management of listed companies disclosure in the media, that is combing through the company’s management background, analysis of whether the news media practitioners experienced executives will affect the company’s media exposure, and the corresponding impact mechanism and market effect.First, based on between January 2002 to December 2013 more than 60,000 copies of the domestic A-share listed company executives resumes by keyword search, screened out of 183 qualified samples, namely those who have hired experienced media practitioners (such as Zeng any media reporter, editor and editor in chief, etc.) of media experts as the company executives the company samples. Then, in accordance with appropriate standards for these 183 sample companies paired with reference to the company. Then, on this basis, comparative study of hiring media experts and media experts do not hire a company’s performance in media reports. The study found that having joined the media industry experience executives, the company’s visibility and media coverage tends to have a significant positive impact, thereby affecting the company’s capital markets. Specific features:(1) For those companies who hire media experts, media experts joined the company after media exposure will be significantly increased, but also reported a tendency to become more positive. (2) compared to those who do not hire media experts with reference to the company, media exposure and coverage tends sample companies during the hiring media experts to be significantly better than the former. (3) The major adverse events during the sample’s negative media exposure is lower than the reference company, reported a more positive tendency with. (4) In order to further study the impact on the company’s media specialist media reports, the paper examines the media experts have worked in the media sector rank (or duration) impact on company performance media exposure, the results show that the higher the position of a former media the expert added that the company reported in the media and to improve the visibility tends to be more significant aspect, indicating that these high positions media experts, the stronger its media networks and professional skills, but also know how to write more favorable to the company’s news press releases, better able to handle media relations, a greater influence on the company’s media disclosure. (5) media expert added, not only the company’s media reports have better performance improvement, the appropriate company stock returns will be improved.