中文摘要：

文章检验了中国资本市场中媒体跟踪报道的信息解释和信息挖掘作用.文章首先运用LDA（Latent Dirichlet Allocation）主题模型度量了中国财经媒体对A股上市公司信息披露公告跟踪报道的信息挖掘和信息解释程度,并检验了两者的市场反应.结果显示,媒体跟踪报道的信息解释比信息挖掘更广泛地影响了A股市场投资者,从而导致了更加明显的市场反应.进一步研究发现,媒体跟踪报道的及时性整体较高,并且市场对媒体负面报道内容（而不是正面报道内容）的及时性存在增量反应.这表明媒体普遍会选择主要体现其信息解释角色的快速报道方式,并且投资者认同媒体负面报道内容的及时性追求.上述结果表明,在中国资本市场上,媒体主要通过信息解释角色而不是信息挖掘角色来发挥信息中介作用,即媒体通过及时、较容易理解的信息报道来广泛影响A股市场投资者。

英文摘要：

This paper tests the information interpretation and information discovery roles of media coverage in China＇s A-share market. It firstly uses LDA （Latent Dirichlet Allocation） topic model to measure the information discovery and information interpreta- tion degrees of Chinese financial media coverage on information disclosure of A-share listed companies, and investigates the market reaction to information interpretation and informa- tion discovery of media coverage. Empirical results show that information interpretation of media coverage more extensively affects A-share market investors than information discov- ery, thereby leading to more obvious market reaction. Further study indicates that the promptness of media coverage is higher as a whole, and there is the incremental market reaction to negative content of media coverage rather than positive content of media cover- age, showing that the media generally selects quick reporting way mainly embodying the information interpretation role and investors identify the timeliness demand of negative content of media coverage. These findings above-mentioned suggest that, the media plays the information intermediary role in China＇s A-share market mainly through the informa- tion interpretation role rather than the information discovery role, that is, the media ex- tensively affects A-share market investors through information coverage timely and easier to understand.