媒体负面报道对公司股价影响的研究:来自白酒塑化剂事件的证据

金融学理论认为,资本价格会因意外重要事件的冲击而发生变化.过去许多文献讨论过股票价格与媒体报道这一外部冲击之间是否存在显著关系,但是,这些研究所得结论并不尽一致.基于此,本文以白酒塑化剂事件为例,分析塑化剂曝光新闻数量对白酒公司股价的影响.研究表明,塑化剂曝光在较长时间内影响了白酒板块的股价,但是曝光事件对各个公司股价影响的程度不一.此外,研究还发现,中央反腐抑制了白酒板块的股价.

Study on the impact of negative media coverage on stock prices of listed companies: Evidence from the liquor plasticizer event

Finance theory suggests that the price of capital will change due to the impact of unexpected important events. Many papers had discussed whether there is a significant relationship between stock price and media reports, but the conclusions did not come to an agreement. In this paper, we take the liquor plasticizer event as an example to analyze the influence of exposure news' amount on stock prices of listed companies. Studies show that the exposure news of plasticizer affects stock prices of liquor plate over an extended period, but the impact on each stock price varies. In addition, the study also finds that the central government's anti-corruption action suppresses stock prices of liquor plate.