本文以 2011-2015 年间沪市 A 股 142 家上市公司作为研究对象，基于信息
经济学、财务管理和行为金融学等方面的理论，对以下问题进行了研究：（1）基
于投资者信息环境的角度，媒体的负面报道偏见对公司业绩的影响是否会通过公
司受到的外部融资摩擦这一路径产生？政府经济干预作为外生性因素是否会对
这一关系造成影响？（2）公司的内生性特征因素如公司规模和公司控股性质是
否会影响到媒体报道负面新闻的偏见与公司业绩之间的关系？
本文的研究发现，媒体对上市公司的负面报道偏见会对其业绩造成损害，同
时，媒体的负面报道偏见会加剧上市公司在资本市场中的融资摩擦，融资摩擦在
媒体负面报道偏见和公司业绩的关系之间起部分中介作用。另一方面，政府经济
干预对公司融资摩擦和公司业绩之间的关系有显著的负向调节作用，政府经济干
预程度越强，融资摩擦对公司业绩造成的损害作用就越被弱化。此外，公司规模
对媒体负面报道偏见和公司业绩之间的关系有显著的正向调节作用，公司规模越
大，媒体的负面报道偏见对公司业绩造成的损害就越大，公司规模越小，媒体的
负面报道偏见对公司业绩造成的损害就越小。公司控股性质对媒体报道负面新闻
的偏见和公司业绩之间的关系存在显著的正向调节作用，即与国有控股的上市公
司相比，非国有控股上市公司受到媒体负面报道对业绩的损害更严重。II
本研究的创新之处在于：（1）结合了信息经济学、财务管理、行为金融学等
方面的理论，根据变量的内在联系建立了概念模型，研究问题的提出和检验更具
逻辑性；（2）本研究以媒体报道负面新闻的偏见这一角度出发，进一步细化了对
媒体偏见的研究，提出了新的研究思路
基于研究结论，本文认为媒体应提升社会责任感，客观地进行新闻报道；立
法机构应加强监管职能和外部约束力量；对于媒体的负面报道偏见建立第三方监
督机制，同时拓宽信息沟通渠道，优化资本市场信息环境；投资者应树立正确的
投资观念，减少非理性投资行为；拓宽中小企业融资渠道，优化融资环境，促进
企业在经济转型期的发展
关键词：媒体负面报道偏见，融资摩擦，公司业绩，政府经济干预，有调节
的中介效应III
The Media Bias to Release Negative News, Financial Friction
and Company Performance: a Moderated Mediator Model
Abstract
The media bias to release negative news exists widely, media have the tendency to
release negative news when compared with positive news, in order to cater to readers’
preference, gain the advantages in market competition and obtain benefits from it.
This kind of bias would have effects on the operation and performance of company in
different ways. From the point of company finance, the media bias to release negative
news would influence the information quality in capital market. In microscopic view,
investors would be more sensitive to negative news, which makes investors’
behavioral decision making influenced by the media bias to release negative news.
Then, the financial friction suffered by company would change, which directly relates
to the development of company. Meanwhile, the company is also influenced by
government economic intervention as well as the scale and the holding character of
company. The research on media bias to release negative news and it’s effect on
economy is related to the new challenges and new opportunities that company faced
with in economic transition period.
This paper has a research on 142 listed companies in Shanghai stock market from
2011 to 2015 ， based on theories including information economics 、 financial
management and behavior finance，this paper focus on two questions: (1) from the
view of information environment, does the media bias to release negative news have a
effect on company performance with the mediating effect of financial friction And
does government economic intervention which is as a exogenous factor play a role(2)
do endogenous factors like company scale and holding character influence the
relationship between the media bias to release negative news and company
performance
On the one hand, this research shows that the media bias to release negative news
would cause damage to listed company performance, and the media bias to release
negative news would intensify the financial friction, which has a partial mediate effect
in the relationship between the media bias to release negative news and company
performance. On the other hand, the government economic intervention moderates
negatively the relationship between the financial friction and company performance,
the stronger the government economic intervention is, the weaker the damage to
company performance caused by financial friction would be. Besides, company scale
moderates positively the relationship between the media bias to release negative news
and company performance, the greater the company scale is, the greater the damage to
company performance caused by the media bias to release negative news would be.
The smaller the company scale is, the weaker the damage to company performanceIV
caused by the media bias to release negative news would be. What’s more, holding
character of company moderates positively the relationship between the media bias
to release negative news and company performance, compared with state-owned
holding company, the media bias to release negative news cause greater damage to
non-state-owned holding company performance.
The innovations of this research lie in(1)combining information economics、
financial management and behavior finance，establishing conceptual model according
to inner links within variables, which makes the raising of research questions become
more logic.(2) From the viewpoint of the media bias to release negative news,
broadening the existing research, coming up with a new research approach.
Based on the research conclusions, this paper provides these advices for dealing
with the problems resulted from the media bias to release negative news: (1) media
should improve sense of social responsibility, offer professional analytical criticism,
release news in an exact and objectively way, make the public get effective
information. (2) Strengthening legislative institution to supervise and make external
restriction for media bias. Establishing third-party regulation mechanism for the
media bias to release negative news and broadening information channel to reduce the
information asymmetry in capital market, to improve the information environment. (3)
Investors should improve ability of recognizing information. It’s important to lead
investors setting up correct investment conception, to reduce their non-rational
investment behaviors resulted from cognitive bias. (4) Broadening the financing
channels for middle and small-sized enterprises by policy supporting, optimizing
financing environment and reducing financial friction they faced with, to facilitate
their development in economic transformation period.
Key words: media bias to release negative news, financial friction, company
performance, government economic intervention, a moderated mediator effect目 录
中文摘要 .. I
AbstractIII
目 录.... 5
第一章 绪论........... 1
1.1 研究背景 ....1
1.2 研究意义 ....2
1.3 研究内容及框架 ..........3
1.4 研究方法 ....5
1.5 创新之处 ....7
第二章 文献综述 ....... 8
2.1 媒体在资本信息市场中的基本职能 ......8
2.2 媒体报道偏见 8
2.3 媒体的负面报道偏
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