The Company's Equity Nature And News Reporting Resources

In the real society,the media is easily influenced by commercial interests and political forces.In the process of information screening,it is difficult for the media to maintain true and objective professional standards and provide biased news reports to the public.From the perspective of the nature of corporate equity,this paper empirically tests whether the nature of corporate equity of listed companies in Shenzhen Stock Exchange has an impact on the media coverage of listed companies.The results show that the state-owned listed companies in Shenzhen Stock Exchange will obtain 14.9% more news reporting resources.In the case of similar assets,operating results,market value and internal control standards,the news media will tend to report more information of state-owned listed companies;At the same time,state-owned listed companies in Shenzhen Stock Exchange will get 7.7% more positive news reports,and state-owned listed companies have more positive news reports.However,compared with the non-local media,the local media did not report more positive news on the state-owned listed companies,that is,the local media did not tend to advocate the local state-owned listed companies;Finally,we find that although state-owned listed companies have more positive news reports,it does not affect investor sentiment.Investors are not inclined to invest in state-owned listed companies due to the nature of equity,and thus it has no impact on stock market value(Tobin’s Q value).The conclusion of this paper shows that the media are not completely objective and neutral when reporting the news of listed companies,and the news media do not perform the duty of "gatekeeper" well,but carry out selective news reports.In the past studies on the relationship between companies and media reporting resources,most of them started from the perspective of corporate finance,such as the total amount of market capital,corporate growth,earnings per share,advertising investment,media relevance,etc.In view of the particularity of the nature of Chinese enterprises,this paper studies the influence of the nature of corporate equity on the news reporting resources from the non-financial perspective,and deepens the understanding of the phenomenon of the news reporting resources in China’s securities market.At the same time,this paper expands the scope of the causes of media reporting resources and the existing related studies,further verifying and supporting the media orientation theory.