The Research On The Information Disclosure Of Public Companies And The Role Of Financial Media In China

Capital market is essentially an "information market",and the transaction process of capital market can be regarded as the process of information processing.Under the guidance of various kinds of information,social funds flow to various entities,so as to achieve the role of capital market in promoting the rational and effective allocation of resources.Therefore,real,accurate,complete and timely information is particularly important in the operation of the capital market.In recent years,with the rapid development of China's capital market,investors need more and more accurate information for investment decision-making,but the information disclosure of the capital market does not seem to keep pace with the times.Untimely information disclosure;opaque information of the public company and the asymmetry of information in the market has always been a stubborn disease that is tough to cure in China's capital market.Information disclosure is an issue of information dissemination,which can not beseparated from the participation of the intermediary agency,the media.Media,especially financial media,should play a greater role in the information disclosure system of public companies in China.At present,the role of media is more limited to the single role of information transmission,and the function of media in the information disclosure system has not been fully played.For investors,what is more important than obtaining information is how investors can obtain information more effectively for investment decision-making,which is also inseparable from the interpretation of information by professional media.At the same time,the media,as the "social public instrument" and the watchman of the society,should supervise the information disclosure behavior of public companies,making the information true and excavate more information to become a role of the media in a mature market information disclosure system.The quality information disclosure is related to the interests of public companiesand investors.Information disclosure can be regarded as the process of game between public companies and investors.This thesis analyzes the game relationship between investors and public companies by using the idea of game theory,focusing on the function and role of financial media in the information disclosure system.Taking the information disclosure fraud of Kangmei pharmaceutical industry in 2019 as an example.Under the condition of symmetry,how to exert the function of financial media to strive for more authentic,full and accurate information disclosure.The attribute that financial media takes social benefits as the priority goal determines that financial media should take part in the game of information disclosure together with investors as the community of interest in information disclosure.Financial media can also play bigger in increase the chips of the game between investors and public companies,and improve the information asymmetry in information disclosure.