Media Attention,Executive Motivation And Degree Of Stock Market Manipulation

The Fifth National Financial Working Conference clearly defines the importance of guaranteeing national financial security.It is pointed out that the development and improvement of financial markets,financial institutions,and financial product systems should adhere to quality first.As far as the capital market is concerned,implementing the development philosophy of quality first and efficiency first is the fundamental requirement for improving the efficiency of serving the real economy and preventing financial risks.In particular,after the abnormal fluctuations of China's stock market in 2015,problems related to the trading system,the management of listed companies'executives and the protection of small and medium investors were exposed which highlights the urgency of a comprehensive understanding of the operating quality of the Chinese stock market.In fact,market manipulation has been common since the founding of the Chinese stock market,and it has intensified with the continuous expansion of the size of the capital market.Market manipulation not only virtualizes supply and demand,creates false prosperity but also causes capital to flow into operators.What's more,it may cause a credit crisis and financial panic,which will trigger an economic crisis.In the manipulation of China's stock market,executives of listed companies are one of the main participants.Executives of listed companies have a deeper understanding of the company's current operating conditions,future development strategies,and the company's intrinsic value because they are directly involved in the company's management.Compared with other ordinary investors,executives of listed companies are informed of the company's internal information.Out of compensation motivation,capital market motivation,and political motivation,they can make corresponding stock market manipulation behaviors in the capital market and benefiting from them.On the other hand,the media are professional information collectors,processors and disseminators.They can make up for the deficiencies of law and government.Media attention is considered an effective supervisory force in emerging capital markets.However,some studies have questioned the effectiveness of media attention monitoring.Therefore,it is particularly important to verify whether the media attention can restrain the degree of manipulation of the executive stock market.Therefore,the significance of this study is as follows.Firstly,analyze the influence of media attention on the degree of stock market manipulation.Secondly,explore the mechanism of media attention influencing the degree of stock market manipulation through the executive manipulation motivation.Finally,thispaper completes the research on the influence of media attention on the degree of stock market manipulation.This thesis is based on relevant theoretical knowledge and research,takes the listed companies criticized by the CSRC for stock market manipulation in 2014-2018 as a sample,use regression analysis method and using relevant indicators of the capital market to analysis.This paper analyzes the relationship between media attention and executive stock market manipulation.This thesis uses the indicators of stock market manipulation,media attention,excess pay,and executives'excess returns to measure the impact of media attention and executives' motivations on the degree of stock market manipulation.This thesis explores the influence of media attention on the degree of manipulation of the stock market and its mechanism from the perspective of executive motivation.This thesis improves the research on the regulation of stock market manipulation,and can also provide a certain reference for regulators to formulate related policies.This paper finds that in China's capital market,the media pays less attention to the supervision of stock market manipulation,but has a significant promotion effect on the degree of executive stock market manipulation.At the same time,media attention has a certain inhibiting effect on executives' capital market motivation and regulatory motivation.From the perspective of the influence of executive manipulation motivation on the degree of stock market manipulation,executive supervision motivation has a significant promotion effect on the degree of stock market manipulation.The motivation of executive compensation has a certain promotion effect on the degree of stock market manipulation,but it is not significant.And the motivation of executives in the capital market has little effect on the degree of manipulation of the stock market Finally,this article combines the research theme with the actual situation to give conclusions and suggestions.For example,the regulatory authorities should strengthen the construction of media supervision mechanism,strengthen the suppression of executives' regulatory motivation and improve information transparency.