Media Exposure And Information Disclosure And Minority Investors Protection

With the development of capital market,the protection of minority investors is more and more concerned by academic and practical circles,and investor protection is also the fundamental goal of securities regulation.A large number of scholars studied the protection of minority investors investors from the perspective of board characteristics,shareholding structure and information disclosure,and a small number of scholars studied the protection of minority investors from the perspective of institutional investors.Since the 20 th century,a lot of media reported cases of negative news about listed companies,which resulted in the maintenance of the rights of minority investors of these listed companies,and these cases to get people to start turning to the media,emerged a large number of relevant media reports to academia and asset pricing,media reports and research results of corporate governance.Accounting information that affects investors based on its value correlation,accounting information disclosure quality is the core of supervisory work,and the SAC has taken a lot of intensive measures,and based on the increasing importance of investor relationship management,the accounting governance function has a positive effect on investor protection.In view of this,this article from the perspective of media attention to the external governance power to explore their effects on protecting minority investors,and on this basis,the media attention,information disclosure,and protection of minority investors into the same research framework,the attention from the media,information disclosure,including the influence of the minority investor protection,to find new ways to protect our country small and minority investors,reduce the controlling shareholder of the interests of small and medium-sized investors,promote the normal development of capital markets to provide the reference.This article reviewed the related literature of protecting minority investors through the principal-agent theory,asymmetric information theory to explain the reason of jeopardizing the interests of small and medium-sized investors,on the basis of the theory of signal transmission,reputation theory analyzes the media attention,the influence of the information disclosure for small and medium-sized investors protection and put forward the hypothesis,selecting Shenzhen Stock Exchange Main Board A Shares as the research object,the data from three fiscal years 2014-2016,empirically the media attention,information disclosure for small and medium-sized investors protection effect hypothesis.In the empirical study,the influence of information disclosure on the protection of small and medium investors is studied from the perspective of corporate governance.From the perspective of external governance,the influence of media attention on the protection of medium-sized investors is studied.The results show that:(1)the higher the quality of information disclosure of listed companies,the higher the degree of protecting minority investors.(2)the higher the media attention of listed companies,the higher the level of protection for the investors.(3)when there is media attention,the impact of information disclosure on the protection of the investors increases.The innovation of this paper is :(1)to investigate the active governance role played by the media in the capital market and the impact on the protection of medium-sized investors,and to explore the impact of media attention on the protection of the investors by this new external governance force.(2)from the media attention,the disclosure of the outside two angles,the impact on the protection of small and small investors,through the limitations of the study of the internal or external,the depth and the breadth of the protection of small and small investors.