Abstract: This paper examines the impact of the media coverage on the investment efficiency. The results show that media can have a positive effect on the investment efficiency. However, the media may have a negative effect on the investment efficiency because of media bias. One of the consequences of the media bias is that rational investor would reduce the their trust and reliance on media, and this paper further find that the complicated institutional investors will reduce the reliance on the media reports compared with the individual investors. The higher of the proportion that hold by institutional investors, the less of the impact of media reports have on the efficiency of investment. This article is conducive for guiding investors to make investment decisions rationally; it has important significance for the regulatory authorities to make the media play a good governance role.

摘要： 本文考察了媒体关注对公司投资效率的影响，通过选取沪深两市2005-2010年共5292个样本发现：媒体关注对于投资效率具有双刃剑效应，即一方面媒体能够对公司的资源配置带来正面效应，提高投资效率；另一方面媒体偏差的存在可能带来负面效应，降低投资效率。媒体偏差的后果之一就是理性投资者会降低对媒体报道的信任和依赖，由此本文进一步发现复杂的机构投资者相比个人投资者，会降低对媒体报道的依赖程度，因而机构投资者能够负向调节媒体的效应。本文的研究有助于引导投资者增强辨别意识和理性投资，对于监管层引导和管制媒体、降低媒体偏差使其更好发挥治理作用，保护投资者的权益也具有重要的理论价值和现实意义。