Media Information Dissemination Mechanisms and Capital Market Effects

Abstract

Driven by digital technology, the linkage between media and the capital market has grown increasingly tight. Traditional media and online new media exhibit markedly different dissemination characteristics: the former is defined by authority, while the latter features viral dissemination accompanied by redundant and false information, along with the “information cocoon” problem. Current academic research lacks a systematic synthesis of the relationship between online new media and the capital market, suffering from issues such as missing key subjects and insufficient timeliness. This study focuses on the three core stakeholders—investors, enterprises, and the government—to explore media information dissemination mechanisms and their capital market effects. It analyzes investors’ information-processing features and behavioral biases in the new media environment, together with the evolution of investment strategies and theories; the recent changes in and influencing factors of corporate social responsibility information disclosure; the challenges faced by the government in regulation, including legislative lag and coordination difficulties, as well as the promotional role of government microblogs. The goal is to provide feasible strategies for these three parties and thereby support the healthy development of the financial market.