The Relationship Of The Media Attention And Investor Protection

In recent years, the problem of investor protection has increasingly become the core issue of the corporate governance research. Due to the intervention of media, some of the scandals of listed companies were exposed in front of the broad masses of investors. The information about listed companies has given important guidance for the investment decisions of small and medium-sized investors. The data come from the study sample of Shanghai and Shenzhen A-share listed companies from2004to2010, in which the media attention data are delayed one year. This article researches the relationship between the media attention and investor protection, attempts to examine the relations between the media attention and the investor protection. As a result of the investor protection system content is complex; the paper selected10indicators that could affect investor protection. According to the certain rules to add and subtract points processing to the10indicators, finally get the sum of the10as a measure of investor protection in this paper. This paper is a beneficial supplement and development for the contract theory and law theory, the mainstream theory of investor protection. The problem of investor protection has increasingly become a research hotspot of theory and practice. For its realistic significance, it can be considered from three aspects as follows. Firstly, for the small and medium-sized investors, the media attention and the disclosure of information provide the basis to make investment decisions for them. And thus they can protect the interests of their own. Secondly, for the media, as a result of media attention, the awareness of the media will also rise, which can bring a lot of economic benefits for media itself. Finally, for the listed companies, the media’s participation will force the listed companies to regulate their own behavior, which also can protect the investors to some extent.The following conclusions can be carried out by the research. From the point of the total media attention, the more the media attention is the better investor protection. This is supported by the empirical data. From the central and local newspaper in contrast, the central newspaper have a greater impact on the investor protection. It is also validated by the data. From the point of policy oriented newspapers and market-oriented newspapers, policy oriented newspapers have more impact on the investor protection. That received the support of the data. From the point of marketization index, in Shanghai, Beijing, Guangdong compared to the other areas, it is no affection to the media attention and investor protection. After the full text of argument, the author initially assumed is basically supported by the data.