Research On Media Attention,Internal Control And Stock Price Crash Risk

In recent years,global stock market crashes have frequently occurred,and individual stock market crashes are common.China is an emerging market country,and the stock price crash risk is more prominent.After the exposure of "yin yang contract" of Tang De film and television,the stock price declines several days,and after the exposure of "fake vaccine" of Changsheng biology,the stock price drops 17 times.The frequent occurrence of "flash crash stocks"aggravates the pessimism of investors and damages the smooth operation of the capital market.It becomes an important proposition for the healthy development of the capital market to guard against and resolve the stock price crash risk and guard against "Minsky moment".The existing research on the risk factors of stock price crash risk focuses on the internal control,audit quality and other aspects,rarely from the external perspective of media attention.Based on A-share listed companies in 2010-2018 as a sample,this paper uses the method of normative and empirical analysis to focus on the impact of media attention on the stock price crash risk and the intermediary role of internal control.The main work and innovation include:(1)It reveals the influence mechanism of media attention on internal control and stock peice crash risk.From the perspectives of information asymmetry,agenda setting and reputation mechanism,this paper analyzes the inhibition of media attention on corporate opportunistic behavior,and advances the action path of performance media attention to affect the stock price crash risk by enhancing information transparency and stimulating the intensity of government supervision.On this basis,we introduce the internal control intermediary variables,build the "intermediary effect model",realize the systematic analysis of the transmission chain of "media attention-internal control norms-risk prevention",enrich and expand the theoretical perspective of the research on the risk factors of stock price crash risk.(2)It verifies the preventive effect of media attention on the stock price crash risk and the intermediary effect of internal control.The results show that media attention has a significant negative impact on the stock price crash risk,and internal control has a positive negative conduction effect.Further heterogeneity analysis shows that in the non-state-owned and weak government intervention enterprises,the media pay more attention to the stock price crash risk,and the intermediary effect of internal control is more prominent.The conclusion provides empirical evidence for the risk management of stock price crash risk from the perspective of media attention.(3)Further verify the difference in the impact of media types and media tone on the stock price crash risk.Constructing an intermediary effect model,regressions find that compared with newspapers,online media has a stronger inhibitory effect on the stock price crash risk,and the intermediary conduction effect of internal control is more significant;compared with positive media attention,negative media attention has a more prominent inhibitory effect on stock price crash risk,and internal control Mediating effect is stronger.It shows that network-based media and negative attention are more effective in preventing risks.These findings provide empirical support for managing the risk of stock market crashes from the perspective of media types and tone.(4)Based on the perspective of media attention,this paper puts forward the risk prevention path of stock price crash risk,which includes media cooperation,whole chain governance and platform protection.First of all,we should strengthen the coordination of all kinds of media,optimize the media environment,promote the integration and development of traditional media and network media,form the focus and cooperation,and enhance the inhibition of opportunistic behavior of enterprises;second,we should focus on the key points and hot spots of media,strengthen the internal control and supervision of enterprises,and form an organic chain of "public opinion restriction-internal control-specification risk resolution";Finally,the data platform is used as a guarantee to establish a joint disciplinary and public reporting platform to deepen the external supervision of the media and society on the stock price crash risk.