中文摘要：

媒体发挥其公司治理等作用的前提是媒体报道能够影响企业的经济后果,而不同特征的媒体报道对企业经济后果的作用机制和作用效果不同。文章以2009-2011年273家上市公司的915个媒体负面报道数据为样本,细分了媒体负面报道的次数、内容和方式等不同维度特征,通过配对检验和回归分析发现：媒体负面报道有一定的负向市场反应,并且深度的、严重侵害的负面报道引致的市场反应更为强烈;媒体负面报道的次数与企业绩效显著负相关,并且严重侵害的报道加剧了企业绩效的降低,而深度分析的报道并不一定降低了企业绩效。本文的实证结论为企业的内外利益相关者、政府等监管部门和媒体自身进行相关决策提供了参考依据。

英文摘要：

The precondition of media perhaps play the role of corporate governance is that the media coverage can influence enterprise＇s economic consequences,and the media coverage with different characteristics makes distinct mechanism and effects to enterprise＇s economic consequences.Based on the panel data of 273 Chinese listed companies from 2009 to 2011,this paper subdivided the negative media coverage from different dimensions such as the frequency,the content and the pattern,and tested their impact on share price and firm performance by paired test and regression analysis.The empirical results show that： the negative media coverage has certain negative market reaction,and the market reaction of negative coverage with profound pattern and serious prejudice is more intense;the frequency of negative media coverage is significantly negative correlated with the enterprise performance,and the media coverage with serious prejudice further reduce the enterprise performance,while the media coverage with profound pattern unnecessarily reduce the enterprise performance.Some conclusions of this paper can help for the firm stakeholders,supervision department and the media business to make relevant decisions.