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本文提出一个简易的模型,据以就媒体关注度对资产误定价的影响机理加以探究。首先,提出均衡报道量的概念,讨论媒体关注度降低误定价程度的作用机制。其次,基于误定价的媒体关注效应模型,提出三个媒体关注度效应假设,即媒体报道量越大,股票价格越有可能被高估;越偏离均衡报道量,股票价格偏离其内在价值程度越大;增发或配股当年,股票价格被高估的可能性更大。最后,通过对增发配股公司的实证分析,证实了上述媒体关注度效应假设。本文的结论丰富了媒体关注度对资本市场的影响和第三方监督作用的理论,并且对完善相关监管政策也具有重要的借鉴意义。
This paper presents a simple model to explore the mechanism by which media attention affects the mispricing of assets. First of all, the concept of balanced coverage is put forward to discuss the media attention to reduce the role of erroneous pricing mechanism. Secondly, based on the erroneous pricing model of media attention effect, three media attention effect hypotheses are proposed. That is, the larger the media coverage, the more likely the stock price is to be overvalued. The more deviation from the balanced coverage, the more the stock price deviates from its intrinsic value Large; additional issue or placement, the stock price is more likely to be overvalued. Finally, through the empirical analysis of the additional issue of shares, confirmed the media interest effect hypothesis. The conclusion of this paper enriches the theory of media attention on the capital market and the role of third-party supervision, and also has important reference to improve the relevant regulatory policies.