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中文摘要：
选取2002~2011年的A股数据,从媒体的治理机制出发,考察了媒体报道、信息不对称与股价暴跌风险三者之间的相互影响。研究显示,媒体跟踪能够降低公司股价面临的暴跌风险,并且在信息不对称程度较高的公司中,媒体的治理功能更为显著。这表明,在投资者保护体制亟待完善的背景下,提高媒体报道的自由度,鼓励媒体监督证券市场,也是降低股价暴跌风险的一种有效途径。
英文摘要：
Based on the data of A-share listed companies during 2002-2011, we investigate the relationship among media follow- ing,information asymmetry and crash risk from the perspective of media governance mechanism. The study shows that the more media following, the lower stock price crash risk, further, media governance functions is more significant in the higher degree of information asymmetry. The findings indicate, in the context of the need for improvement of investor protection system, it would be an effective way to reduce crash risk to enhance the freedom of media report and to encourage the media to supervise the securities market.
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