中文摘要：

作为外部治理环境的一个重要方面，媒体关注度会通过影响投资者行为，进而影响企业股票的市场表现。本文以创业板248家公司为对象进行了实证分析，文章结果显示：创业板公司媒体关注度与股票收益显著相关，公司正面关注度越大，持有其股票回报率越高，而公司负面关注度越大，持有其股票回报率越低。有政治关联的高管的存在会对媒体关注度和股票收益的关系产生影响，这尤其体现在当公司被负面报道关注的时候。同时，在媒体发展水平越低的地区，高管的政治关联越会对媒体负面关注度与公司股票市场这两者的关系产生影响。本文的研究可为媒体更好地坚守“守望者”角色和投资者更充分认识上市公司提供参考，也为我国媒体制度完善、良好环境建设提供政策参考。

英文摘要：

As an important aspect of the external managing environment, media coverage of the company will affect the behavior of investors and their investment decisions, thus affect the stock market. On the basis of listed 248 ChiNext companies＇ data, we have conducted the empirical re- search and discovered that media coverage of the company is significantly correlated with its stock market performance. The more positive media and the higher the abnormal return, or the more neg ative media and the lower the abnormal return. Companies with political connections can exert the influence on the relationship between media and the stock performance, especially when the media is negative. Moreover, the lower the media development level, the more the impact of political con nection. The conclusion of this paper advises Chinese media to achieve its social role, watcher of so- ciety, and investors to know more about the public companies. Besides, it makes policy sense to the improvement of media system and free environment.