Research On The Influence Of Negative Reports On The Stock Price Fluctuation Of Listed Companies

In recent years,regulators have been paying more and more attention to the right to know of the media.In this context,the ecological environment of financial media has also undergone great changes.The media is no longer a simple mouthpiece of the existence,the style of reporting has been transformed into in-depth mining.With the rapid development of we-media environment,it has become another channel for negative reports of listed companies.The characteristics of "we media",such as fast transmission speed,high frequency of publication and strong uncontrollability,also make listed companies face a more complex and adverse media environment.On the other hand,China's a-share market is still in its early stage of development,and the investor structure is dominated by individual investors.For the majority of non-professional investors,more information about listed companies can be obtained from the news reports of network media,and corresponding investment decisions can be made accordingly.Through sorting out the existing literatures,this paper finds that the issues related to media reports and the volatility of stock prices of listed companies have been widely concerned by scholars at home and abroad.Based on previous studies and years of work experience in public opinion management and control,this paper proposes three hypotheses related to the stock price fluctuations of listed companies from the three dimensions of negative report source media influence,depth of report and number of reprint,combined with behavioral finance and other theories.Empirical process,this paper use "Shanghai led can is intelligent public opinion monitoring system" to select the part during the 2017-2018 a-share listed companies of the nearly 200 negative report,first for these sample window corresponding to the shares of listed companies in the period of excess yield is calculated,then introduce the three dimensions of negative reports related variables and multiple combination of macro and micro Angle control with the multivariate regression analysis the correlation of listed company's share price volatility and robustness test.At last,through empirical four conclusions: first,the media's negative reports in the negative earnings is one of the biggest events,and issue shares prior to the event negative earnings are relatively obvious,shares of negative earnings after the event date may be dispersed as market sentiment or pr behavior of listed companies,gradually reduce the maximum from the event day.Second,the number of negative news media reprint is negatively correlated with stock price rise.Thirdly,the influence of negative news sources is negatively correlated with stock price increase.Fourth,the depth of negative media coverage is negatively correlated with the stock price gains of listed companies.The empirical conclusion of this paper has practical reference value for the public relations effect and skills of listed companies,and also warns the majority of investors,especially non-professional investors,to remain rational and improve their ability to identify information in media reports.On the other hand,the media need to maintain their independence and establish their own brand image with high-quality news reports while assisting the regulatory authorities to improve the information disclosure system of listed companies.