Research On The Relationship Between The Media Regional Bias,CSRI And The Stock Price Crash Risk

In the capital market with asymmetric information,the media as a "microphone" is an important information transmission mechanism between investors and enterprises.In China,there are differences in economy,system,culture and many other aspects among enterprises in different regions.These differences form a stereotype in the hearts of people in different regions,which is what we call regional discrimination.The discrimination of social groups is presented through media reports,which makes the media show regional bias in reporting.This kind of prejudice brought by the media will aggravate people's prejudice and discrimination,making this phenomenon continue to deepen.At the same time,in recent years,the whole society has paid more and more attention to corporate social responsibility investment(CSRI).The importance of corporate social responsibility investment and long-term stable investment has become an important factor in the development of enterprises.The academic research on corporate social responsibility investment has become more urgent.Stock price is an important index for investors to measure and judge the business status and future value of an enterprise.The stability of stock price determines the investment tendency of investors.The collapse of stock price will bring serious damage to the assets of enterprise investors,and will also seriously damage the stability and health of the current capital market,resulting in a great negative impact.Based on this,combined with the phenomenon of regional bias in the media,this paper explores the impact of regional bias in the media on the fluctuation of stock prices and the regulatory role of corporate social responsibility investment.The purpose of this paper is to provide reference methods and suggestions for enterprises to make social responsibility investment decisions in order to maintain the credibility and profitability of enterprises in the environment of widespread regional bias.Through a number of empirical tests,this paper confirms that after dividing the listed companies into regions,and taking the overall level of financial performance of the enterprises in the whole region as an indicator to measure the variables in the region,it comes to the conclusion of this paper,that is,when taking regions as a unit,there is a significant correlation between the regional bias of media and the risk of stock price crash,corporate social responsibility investment and stock price crash risk.Among them,there is a significant positive correlation between media regional bias and stock price crash risk,and a significant negative correlation between corporate social responsibility investment and stock price crash risk.At the same time,further analysis,the specific investment level of the five different objects of corporate social responsibility investment has a certain moderating effect on the correlation between media regional bias and stock price crash risk.This paper brings three variables:media regional bias,corporate social responsibility investment and stock price crash risk into the same analysis framework for the first time,which breaks through the limitations of previous studies on media reports,corporate social responsibility and stock price crash risk,studies the relationship among the three from the regional level,further analyzes the five specific aspects of corporate social responsibility investment.enriches the relevant research results of corporate social responsibility investment and stock price crash risk,expands the research of media regional bias in the fields of economics and accounting,and provides a new perspective for future research in related fields.