政治关联影响公司价值的媒体报道渠道- - 基于媒体情绪指标构建的研究

项目名称： 政治关联影响公司价值的媒体报道渠道- - 基于媒体情绪指标构建的研究

项目编号： No.71472180

项目类型： 面上项目

立项/批准年度： 2015

项目学科： 管理科学

项目作者： 许荣

作者单位： 中国人民大学

项目金额： 50万元

中文摘要： 政治关联通过公司融资优惠等直接渠道影响公司价值以及媒体报道的金融市场效应分别是近年来公司金融与资产定价的研究热点。政治关联是否通过影响媒体报道的渠道影响公司价值？探索此问题依赖于结合政治关联和媒体报道两类文献并针对中文金融媒体准确度量媒体情绪指标。本课题计划从政治关联影响媒体报道进而影响公司价值的独特视角开展实证研究，借助于机器学习方法依据股价反应构建中文媒体金融词汇情绪词典，实现对媒体情绪指标的客观度量。进一步以上市公司建立政治关联影响媒体报道的案例分析为基础，利用上市公司遭受重大灾害冲击作为自然实验场景，考察政治关联对于上市公司媒体报道情绪指标的影响及其股价效应。本课题研究有助于拓展对政治关联影响公司价值的多种渠道和复杂机制的全面理解，从公司构建政治关联策略的视角揭示新的导致媒体报道偏离的原因、机制和股价效应，并将为媒体情绪指标的度量及相关研究提供新方法和基础数据。

中文关键词： 媒体报道；政治关联；公司价值；机器学习

英文摘要： The influence of political connection through financing advantages and media coverage on coporate value are two hot research topics in coporate finance and asset pricing recently. Whether political connection influence coporate value through media coverage still remains an open question. The research on this question depends on the development of Chinese media slant index measurement according to the charasteristics of Chinese financial media words and a merge of the two research areas of political connection and media coverage. This proposal plans to employ empirical research on the specific channel of media coverage through which political connection influence coporate value. We plan to constuct Chinese media coverage index based on stock market reaction using machine learning method, which provides a comparatively objective measurement of media sentiment index. Based on several case studies of the specific reports on how listed companies build up political connection to influence media coverage, we take advantage of natural experiments of disastors shocks to listed firms and explore how political connection influence media coverage on these listed firms and related effect on stock prices. This proposal helps to expand our understanding on the influence of political connection through a specific viewpoint of media coverage and also helps to explore a new souce of media slant and its mechanism and economic influence from the view of firms political connection strategy. Furthermore, this research also provides new method basic database for the research on the influence of media coverage on financial markets.

英文关键词： media coverage;political connection;coporate value;machine learning