Media Attention?quality Of Information Disclosure And Performance Variability

The quality of corporate governance mechanism should not only be reflected in the level of corporate performance,but also affect the stability of enterprise performance.Large performance volatility represents high risk and high discount rate,which not only affects its own development,but also more likely to reduce the number of investors.Therefore,the volatility of performance is very important to the enterprise itself and stakeholders,and enterprises should always pay attention to their performance fluctuations,so as to take measures to deal with them at any time.With the recent rise of the media law governance mechanism,make the most of the scholars have a strong curiosity about the relevant literature from the media governance can be seen,most scholars agree that the corporate governance role of the media,and the media to play the effect of corporate governance mechanism,formed a consistent view,but few scholars study the influence of media on performance volatility.In addition,with the continuous development of the information disclosure system in China,more and more scholars begin to pay attention to the impact of this external governance mechanism on enterprise performance fluctuations.If the media plays a positive role in stabilizing the performance,does it mean that the quality of corporate information disclosure is improved,and the media has a more significant role in promoting stable performance.In this paper,the performance of volatility as the starting point of these issues indepth study of the system,based on the disclosure of information quality and media attention,media attention and performance fluctuation and the quality of information disclosure and earnings volatility of the three aspects of the literature review and comment on the selection of 2012-2015 in the main board of the Shenzhen A-share listed companies as A of the total the sample of media attention,disclosure mechanism of quality on the performance of volatility and the quality of information disclosure in the media attention play an impact on the performance of the volatility of the role of fluctuations in performance and information.The empirical results show that:(1)more media attention,the performance volatility is greater,that media attention has a significant positive effect on performance fluctuations,possibly due to the media attention caused by corporate performance is greatly improved,which leads to largefluctuations,the further analysis also proved this point;(2)the quality of information disclosure to improve the performance of the company can effectively reduce the fluctuation;(3)the higher the quality of information disclosure,the performance can effectively reduce the volatility of media attention increased.This paper studies the relationship between online media attention and performance volatility for the first time,and discusses the impact on volatility of performance from the perspective of the combination of media attention and information disclosure quality,which has certain innovation.This study not only enriches the research literature about the quality of information disclosure on performance volatility,but also enriches the relevant literature on the factors influencing performance volatility from the perspective of the interaction between media attention and the quality of information disclosure.At the same time,it is of great significance to guide the steady development of China's media industry and guide the further reform of the governance mechanism of Listed Companies in China.