, 1
5684 
6519我国媒体产业呈现双轨制特色，产业中同时存在政策导向媒体与市场导向媒体。两类媒体的功能定位与激励机制迥然不同，使得两者对资本市场的影响存在差异。文章发现，在资本市场上，媒体主要通过负面报道，促进公司特质性信息反映在股价中，而正面报道则无此作用。在区分政策导向媒体和市场导向媒体后，文章进一步发现，媒体对资本市场信息整合的影响主要体现在政策导向媒体上，市场导向媒体则无显著影响。为了考察这种差异产生的原因，文章对两类媒体在资讯报道方面的文本特征（信息挖掘与信息传递）进行了比较，发现政策导向媒体相对于市场导向媒体进行了更深层次的信息挖掘与更精准的信息传递，这是它对资本市场信息整合更具影响力的真正原因。
新闻媒体、资讯特征与资本市场信息效率
摘要
参考文献
5 田中初. 新闻实践与政治控制[M]. 济南: 山东人民出版社, 2005.
13 Drake M S, Guest N M, Twedt B J. The media and mispricing: The role of the business press in the pricing of accounting information[J]. The Accounting Review, 2014, 89（5）: 1673—1701. DOI:10.2308/accr-50757
14 Easley D, O’hara M. Price, trade size, and information in securities markets[J]. Journal of Financial Economics, 1987, 19（1）: 69—90. DOI:10.1016/0304-405X(87)90029-8
15 Easley D, O’hara M. Time and the process of security price adjustment[J]. The Journal of Finance, 1992, 47（2）: 577—605. DOI:10.1111/j.1540-6261.1992.tb04402.x
16 Heath C. Do people prefer to pass along good or bad news? Valence and relevance of news as predictors of transmission propensity[J]. Organizational Behavior and Human Decision Processes, 1996, 68（2）: 79—94. DOI:10.1006/obhd.1996.0091
17 Hong H, Lim T, Stein J C. Bad news travels slowly: Size, analyst coverage, and the profitability of momentum strategies[J]. The Journal of Finance, 2000, 55（1）: 265—295. DOI:10.1111/0022-1082.00206
18 Huang A, Lehavy R, Zang A Y, et al. A thematic analysis of analyst information discovery and information interpretation roles[R]. Working Paper No. 1229, 2014.
19 Kahneman D, Tversky A. Prospect theory: An analysis of decision under risk[J]. Econometrica, 1979, 47（2）: 263—292. DOI:10.2307/1914185
21 Kothari S P, Shu S, Wysocki P D. Do managers withhold bad news?[J]. Journal of Accounting Research, 2009, 47（1）: 241—276. DOI:10.1111/joar.2009.47.issue-1
22 Liu G, Xin Z, Lin C. Lax decision criteria lead to negativity bias: Evidence from the emotional stroop task[J]. Psychological Reports, 2014, 114（3）: 896—912. DOI:10.2466/28.04.PR0.114k29w0
23 Loughran T, McDonald B. When is a liability not a liability? Textual analysis, dictionaries, and 10-Ks[J]. The Journal of Finance, 2011, 66（1）: 35—65. DOI:10.1111/j.1540-6261.2010.01625.x
24 Morck R, Yeung B, Yu W. The information content of stock markets: Why do emerging markets have synchronous stock price movements?[J]. Journal of Financial Economics, 2000, 58（1-2）: 215—260. DOI:10.1016/S0304-405X(00)00071-4
25 Piotroski J D, Roulstone D T. The influence of analysts, institutional investors, and insiders on the incorporation of market, industry, and firm-specific information into stock prices[J]. The Accounting Review, 2004, 79（4）: 1119—1151. DOI:10.2308/accr.2004.79.4.1119
26 West K D. Bubbles, fads and stock price volatility tests: A partial evaluation[J]. The Journal of Finance, 1988, 43（3）: 639—656. DOI:10.1111/j.1540-6261.1988.tb04596.x
引用本文
杨玉龙, 吴文, 高永靖, 等. 新闻媒体、资讯特征与资本市场信息效率[J]. 财经研究, 2018, 44(6): 109-125.
导出参考文献，格式为：
上一篇：市场化进程对中国代际流动的贡献
