媒体报道对资产定价具有重要影响,致使其日益受到公司管理层的重视.文章以2006?2014年民营企业IPO为样本,基于公司管理层经历或背景,研究高管政治关联对公司媒体披露的影响及其市场效应.研究发现:(1)高管政治关联有助于公司在IPO期间获得更高的媒体关注度和更正面的报道倾向;而且,政治关联层级越高,媒体报道对其越有利.(2)高管政治关联对媒体报道的影响主要通过非证监会四大信息披露媒体和地理邻近媒体来实现的;而地区制度环境可在一定程度上抑制高管政治关联对媒体报道的影响.(3)由政治关联所带来的媒体报道水平的改善,有助于促进IPO首日抑价的上升;但中长期会导致股价反转.文章不仅丰富了公司治理对媒体(信息)披露管理影响方面的文献,而且为民营企业的政商关系研究提供了新的经验证据.%Because of the important influence of media on asset pricing, managers pay more and more attention to it. Especially during the period of major events, the motivation of media disclosure management by managers is particularly obvious. Usually, the improvement of media communication requires the help of professional institutions or personnel. In China, media as an important public resource, is mostly state-owned or has a certain government background. So does the political connection of managers help companies to ob-tain more media resources or favorable media coverage?We use the IPO data of listed private companies between 2006?2014 in domestic stock market, and re-search the effect of political connection of managers on corporate media disclosure and its market reactions. We find that managers' political connection can help companies to improve their information environment, and in turn affect share price volatility. That is: (1) Managers' political connection can help companies to get more media attention and more positive coverage tone during IPO. Moreover, the level of political connection is higher, the media coverage is more favorable, but the regional institutional environment can restrain the im-pact of political connection on media coverage in certain extent. (2) In addition, managers' political connec-tion has a more impact on the four major newspapers from CSRC and geographical proximity media. (3) Fi-nally, the improvement of media coverage by political connections will help to increase IPO underpricing, but it will lead to a reversal of stock prices in the medium or long term.The main contributions of this research are: (1) The current literature about corporate's media disclosure management is mostly based on the perspectives of financial public relations management and executives' ex-periences in media industry, and researches the behaviors of media disclosure management during scandals, mergers and acquisitions, and equity financing and its market reactions. In this article, we base on the back-ground of executives' political connection, and focus on how the company seeks the active influence on media coverage through political connection, so we expand and enrich the research perspectives and content of com-pany's media disclosure management. (2) Most of the existing literature about political connections pays more attention to the impact of political connections on management decisions, such as business access, social re-sponsibility, financing facilities, and so on, but pays less attention to their impact on company's media disclos-ure management. This research not only focuses on the possible influence of executives' political connection on the media coverage, but also further analyzes its influence mechanism from the perspectives of regional in-stitutional environment and media characteristics, so it provides new empirical evidence for research on the re-lationship between government and enterprise. (3) Based on examining of the impact of executives' political connection on media reporting, we further test its influence on IPO underpicing, thus enriching the literature about the impact of media coverage on IPO underpicing.
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