The Impact Of Media Coverage On The Quality Of Information Disclosure

By economic development of our country, the scale of enterprises also continue s to expand. The bank loan which was considered to be the main financing model can not meet the demand for capital. So more and more companies choose to seek funds from investors on specific platforms, the Small and Medium Enterprise Board is one of the platforms. For investors, they not only need listed companies to disclose the information, but also need ability to interpret messages. If the information of listed can not obtain through formal channels and the ability to interpret the information is limited, it will cause the information asymmetry between companies and investors. How to relieve the information asymmetry and to protect investors’ rights is an issue that we need to focus. The media as a professional information searchers can gather and analyze the messages. With the spread of the media, the investors can obtain information in a timely and low cost manner form third parties. Then the degree of asymmetry of information can be effectively relieved and the development of the market can be more healthier.The small and medium-sized companies have the features of innovation and a prominent main business, but on the other hand it has the higher risk. Based on this,the paper takes the information disclosure of the small and medium-sized companies as research perspective, and focusing on the media as a kind of external governance mechanism,whether it has the ability to improve he quality of information disclosure of listed companies? And further analysis of the environment in different regions to see whether the impact of media coverage on the quality of information is different?...