Will The Shareholding Structure Affect The Media Supervision Function?

As one of the external governance methods of corporate governance,media reports have attracted the attention of experts and scholars in the theoretical and practical circles in recent years.The media plays a huge role in the capital market: on the one hand,the media is the carrier of corporate information disclosure,and it is one of the channels for external stakeholders to obtain information.On the other hand,the media assumes the role of supervisor.However,due to the influence of different stakeholders,the content of media reports may deviate from the truth or objective cognition,leading to media bias.In recent years,Internet companies have set off a wave of investment media.Take Alibaba Group as an example.Alibaba Group adopts a media diversification strategy.In the years 2012-2015,including Ma Yun's personal investment,Alibaba has invested in 25 media companies.Therefore,based on this background,this paper studies whether the changes in the equity structure of media companies will affect the supervision function of the media after the listed companies invest in media companies.This article selects Internet company giant Alibaba to invest 1.2 billion yuan to invest in the first financial analysis for the case,analyze the motives of corporate investment media companies,focus on the reverse impact of capital intervention on media reports,and explore whether the ownership structure will affect the supervision function of the media.Focus on how the media maintains objectivity and independence.This article selects Alibaba's Investment China Business Network(Hereinafter referred to as CBN)as a case,and divides the report of Alibaba's “CBN Daily”on Alibaba into strategic investment(2014 whole year),negotiation stage(2015.1-2015.6),after strategic investment(2015.6-2016.12).There are two ways to study whether there is a tendency in the report: one is to conduct an emotional analysis of the media reports in three time periods,and compare the proportion of the positive reports in each of the three time periods to the total number of reports;the second is the date according to the report.Calculate the cumulative excess return rate for each [-1,+1] trading day,and compare the average before and after the investment.For the comparative analysis,Jingdong,which did not invest in the First Finance and Economics,was selected as the reference object,and the report of “CBN Daily” to JD.com during the period of 2014.01.01-2016.12.31 was studied.The same analysis was conducted using sentiment analysis and cumulative excess return method.This paper draws the following conclusions: After Alibaba invested in the CBN,the CNB's “CBN Daily” had a tendency to report on Alibaba and its subsidiaries,that is,to conduct more positive news reports and reduce negative news coverage.The involvement of capital has changed the ownership structure of the media,thus weakening the supervision function of the media.The article concludes with recommendations from listed companies,media companies,government perspectives,and individual investors,with a view to helping regulators use media reports to monitor unusual stock market volatility.This article has the following main contributions.From the research content,the research content of this paper is innovative.In the past,scholars' research focused on the impact of media reports on companies,and this article will focus on the reverse impact of capital intervention on media reports.Analyze the motives of corporate investment media companies,pay attention to the reverse influence of capital intervention on media reports,explore whether the equity structure will affect the supervision function of the media,and pay attention to how the media maintains objectivity and independence.From the research perspective,this paper selects the “CBN Daily” report on Alibaba and its subsidiaries as the research object,and uses the crawler program and Baidu cloud API interface to quantitatively analyze the sentiment tendency of specific reports.From the research method,this paper adopts the sentiment analysis method and the cumulative excess return rate method,which avoids the tendency of people to judge the report on a subjective basis,making the research conclusion more convincing.