3093 
2771财经媒体如何选择报道对象直接关乎股票定价和资源配置效率，但已有研究尚未对该问题进行讨论。文章基于2008-2018年A股上市公司分批入选融资融券标的这一准自然实验，考察了投资者信息需求改变后媒体报道的变化。研究发现，公司入选融资融券标的以后，投资者对公司的特质性信息需求显著增加，并进而引致媒体报道更多有关这些公司的新闻。这种影响既包括更多的事前挖掘，也包括更多的事后传播。进一步地，从时间维度来看，随着融资融券制度的推进，投资者信息需求对媒体报道（尤其是负面报道）的边际效应越来越小。从横截面来看，这一结果在市场化水平较高的地区和信息环境较差的公司中更为明显。最后，投资者信息需求变化带来的媒体报道能够降低股价同步性和股价崩盘风险。文章不仅有助于从投资者信息需求的视角理解媒体报道行为，而且提供了融资融券制度、影响资产定价的内在机理，对进一步优化交易制度、改善信息环境均有一定的启示意义。
投资者信息需求与媒体报道——基于融资融券的准自然实验
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引用本文
何雁. 投资者信息需求与媒体报道——基于融资融券的准自然实验[J]. 上海财经大学学报, 2022, 24(2): 94-107.
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