媒体情绪对企业风险承担水平的影响研究：基于文本分析的实证考察

A Study on the Impact of Media Sentiment on Corporate Risk-Taking Level: An Empirical Examination Based on Textual Analysis

摘要: 媒体报道作为资本市场信息传递和监督的重要中介，其情绪倾向能够通过信息加工和反馈潜移默化地影响企业决策和运营过程。基于文本分析方法通过对企业相关新闻报道的语义分析，量化媒体情绪，并结合企业财务数据，实证考察了媒体情绪如何影响企业的风险承担水平。研究发现，积极的媒体情绪能够显著提高企业的风险承担水平，而消极的媒体情绪则相反，会降低企业的风险承担。本文的研究不仅为理解媒体情绪对企业风险管理的影响提供了新的视角，而且对于企业如何有效应对媒体情绪波动，优化风险管理策略具有重要的实践指导意义。

Abstract: As an important intermediary of information transmission and supervision in the capital market, media reports’ emotional tendency can subtly affect the decision-making and operation process of enterprises through information processing and feedback. Based on the text analysis method, through the semantic analysis of corporate-related news reports, the paper quantifies media sentiment, and combines with corporate financial data, empirically examines how media sentiment affects the risk taking level of enterprises. It is found that positive media sentiment can significantly improve the level of risk-taking, while negative media sentiment, on the contrary, will reduce the level of risk-taking. The research in this paper not only provides a new perspective for understanding the impact of media emotion on enterprise risk management, but also has important practical significance for enterprises to effectively cope with media emotion fluctuations and optimize risk management strategies.