A Study Of The Influence Of The Administrative Interviewed To Shares Of The Listing Corporation In The Internet Media Industry

In recent years the administrative interviews as a new way of administrative enforcement of law is widely used in the field of media supervision,tax collection and management,price control a nd so on.Different administrative interviews bring different market reactions,and explore the effect that administrative interviews brought to the listing corporation’s stock price can improve the efficiency of administrative interviews.This paper discusses the theoretical basis of administrative interviews,with the Internet media industry’s stock price volatility as an observation perspective,and take Sina as an example,adopting the method of event study,and validate the effect that administrative appointment brought to the Internet media industry’s share price.And compares with the same industry Cheetah Mobile,Tencent and Phoenix New Media,and analysis the five factors that could affect the stock price of administrative interviews.And extend the research scope,and get the conclusion about the effect that administrative interviews brought to the listing corporation’s stock price.Finally,put forward opinions and suggestion based on the conclusions of the research.Case analysis results showed that administrative interviews influenced the Internet media industry listing corporation’s stock prices,which mainly manifested as the listing corporation’s share price fell significantly for the first time on the day of the announcement of administrative interviews and the cumulative abnormal return decreased significantly.The reason was investors for the interview content was not clear,and it was impossible to judge the market expectations of administrative interviews,thus causing the investment panic.In addition,the administrative interview had been a lot of attention from the society,so the administrative interviews negative emotions magnified in a short time,which led to a sharp decline in stock prices.Before the administrative interviews,if the supervision department leaked the information at the time of obtaining evidence and preparing for work,which would result in the decline in the price of shares of the listing corporation,and the cumulative abnormal return rate wold decrease or come to a standstill.In the interview within one week after,share price was still a small decline,showing a sustained downturn.Due to regulatory authorities made no further severe punishment,enterprises also made a corresponding concessions and rectification.A week after the stock began to rise gradually to the original level recovery,the negative effects brought by interviews slowly eliminating.About half a month later,the stock trading level returned to normal.Through the summary and analysis of the effect that administrative interviews brought to the Internet and media industry listing corporation’s stock price of all the representative companies of the Internet media industry and we hear that the effect that administra tive interviews brought to the Internet and media industry listing corporation’s stock price is consistent with the above conclusions.The factors affecting the stock price includes five elements of administrative interviews respectively as the nature of events lead to interviews、the administrative sanction of interview subject、the wording of the regulatory authorities to the extent of the official announcement、the media coverage and influence and the enterprise’s degree of welcome and apology.The nature of the events led to more serious interviews、the main body of the administrative sanction is interviewed 、the official announcement of the regulatory authorities is tougher、the media coverage is longer,the influence is greater,the degree of welcome and apology is higher,which will bring the more serious the cumulative abnormal return rate of listing Corporation,the greater the degree of stock price decline,the longer the impact cycle.