This paper uses the method of Text Mining and the
GARCH-VaR model to construct Fintech risk index, exploring the relationship
between government intervention, media attention and Fintech risks empirically.
The result has shown that, first, appropriate government intervention will
inhibit Fintech risks; second, media
attention can curb Fintech risks to some extent; and third, media attention can
change the impact of government intervention on Fintech risks, and as
media attention increases, the inhibitory effect of government intervention on Fintech
risks will be enhanced. It can be seen from the results that the role of the
media is unable to be ignored, whether in the Fintech market or in the process
of Fintech risk prevention. Clarifying the market
positioning and influence mechanism of the media is of great theoretical
and practical significance for correctly handling the relationship among
government intervention, media attention and Fintech risks.
References
[1]
Cao, Q., & Kong, Y. (2021). Research on Fintech Risk Contagion Based on Complex Network Perspective. Financial Regulation Research, No. 2, 37-53.
[2]
Core, J. E., Guay, W., & Larcker, D. F. (2008). The Power of the Pen and Executive Compensation. Journal of Financial Economics, 88, 1-25.
https://doi.org/10.1016/j.jfineco.2007.05.001
[3]
Dearing, J. W., & Rogers, E. M. (1996). Agenda-Setting. SAGE.
https://doi.org/10.4135/9781452243283
[4]
Deng, Q. (2016). Research on Influencing Factors and Prevention Mechanism of Internet Financial Risk. Market Research, No. 4, 21-22.
[5]
Dong, L. (2016). Research on Influencing Factors and Prevention Mechanism of Internet Financial Risk. China Management Informatization, 19, 124.
[6]
Fan, W. (2014). Theory, Practice and Regulation of Internet Finance. China Financial Publishing House.
[7]
Gao, H., Wang, J., Wang, Y., & Wu, D. (2020). Media Coverage and the Cost of Debt. Journal of Financial and Quantitative Analysis, 55, 429-471.
https://doi.org/10.1017/S0022109019000024
[8]
Gerston, L. N. (2001). Public Policy Making: Process and Principles. Chongqing Publishing Group.
[9]
Guo, L. (2015). A Theoretical Explication of the Network Agenda Setting Model: Current Status and Future Direction. In L. Guo, & M. E. McCombs (Eds.), The Power of Information Networks: New Directions for Agenda Setting (Vol. 8, pp. 1-9). Routledge.
[10]
Guo, L., & McCombs, M. (2011). Networked Agenda Setting: A Third Level of Media Effects (No. 3). Paper Presented at the ICA Annual Conference.
[11]
Guo, L., Chen, Y. N. K., Vu, H., Wang, Q., Aksamit, R., Guzek, D. et al. (2015). Coverage of the Iraq War in the United States, Mainland China, Taiwan and Poland. Journalism Studies, 16, 343-362. https://doi.org/10.1080/1461670X.2014.885198
[12]
Guo, X., Li, W., Huang, Y., & Mai, Y. (2020). Policy Agenda Setting in the Era of Integrated Media: Event Attributes, Leadership Highly Valued or Public Opinion? Journal of Intelligence, No. 5, 1-7.
[13]
Huang, W. (2021). Media Attention, Internal Control and Management Power. The Chinese Certified Public Accountant, No. 3, 69-74.
[14]
Jian, J., Geng, B., & Guo, S. (2012) Evolutionary Game Analysis of Government Regulators and Network Operators. Journal of Intelligence, 31, 172-176.
[15]
Keynes, J. M. (1936). Reprint of the General Theory of Employment, Interest, and Money. The Commercial Press.
[16]
Kingdon, J. W. (1995). Agenda, Alternatives and Public Policies. Journal of Public Policy, 4, 127-128.
[17]
Lang, P. (2018). Principles and Boundaries of Government Intervention in the Economy. Journal of CUPL, No. 4, 15-24+206.
[18]
Li, J. (2015). Thoughts on Internet Finance. Management World, No. 7, 1-7+16.
[19]
Li, W. (2014). Research on the Construction of Harmonious Relationship between Government and Media Based on the Improvement of Governance Ability (pp. 10-15). Chang’an University.
[20]
Liu, Z. (2016). Research on the Impact of Internet Finance on Risk Assumption of Commercial Banks. Finance & Trade Economics, No. 4, 71-85+115.
[21]
Luo, J. (2012). The Role of Corporate Governance in Media Reporting: From the Perspective of Dual Agency Cost. Journal of Financial Research, No. 10, 153-166.
[22]
Magnuson, W. J. (2017) Regulating Fintech (pp. 17-55). Texas A&M University School of Law Legal Studies Research Paper.
[23]
Merton, R. C. (1987). A Simple Model of Capital Market Equilibrium with Incomplete Information. The Journal of Finance, 42, 483-510.
https://doi.org/10.1111/j.1540-6261.1987.tb04565.x
[24]
Milian, E. Z., Spinola, M., & de Carvalho, M. M. (2019) Fintechs: A Literature Review and Research Agenda. Electronic Commerce Research and Applications, No. 34, Article ID: 100833. https://doi.org/10.1016/j.elerap.2019.100833
[25]
Shi, D., & Yu, F. (2020). Spatial Agglomeration and Economic Growth Effect of Fintech Development in China: Spatial Measurement Based on Panel Data of 30 Provinces across China. Journal of Beijing University of Posts and Telecommunications (Social Sciences Edition), 22, 28-38.
[26]
Sun, S. (2021). Research on Government Intervention, Fintech Innovation and High-Quality Economic Development: An Explanation Based on the Perspective of Dynamic Game. Journal of Technical Economics & Management, No. 9, 18-23.
[27]
Tian, W., & Sun, Q. (2021). Research on Influencing Factors and Prevention Mechanism of Internet Financial Risk. Smart China, No. 5, 88-89.
[28]
Wang, K. (2004). Mass Media and Public Policy in Contemporary China: The Situation and Trend of the Transition Era. Doctoral Dissertation, Fudan University.
[29]
Yang, D. (2015). Legal Regulation of Internet Finance: A Perspective Based on Information Tools. Social Sciences in China, No. 4, 107-126+206.
[30]
Ye, B. (2015). Cognitive Bias and the Implications for its Failure of Board Governance: A Review. Contemporary Economy & Management, 37, 20-25.
[31]
Zhang L. M., & Chen, S. (2019). China’s Digital Economy, Opportunities and Risks. Working Paper No. 19/16, International Monetary Fund.
https://doi.org/10.2139/ssrn.3333740
[32]
Zhang, H. (2013). The Logic of Social Construction in Policy Agenda Setting: An analysis of the “Nutrition Improvement Plan for Rural Compulsory Education Students. Academic Forum, No. 3, 174-180.
[33]
Zhang, Q., & Lyu, M. (2015). Is Media Accountability Effective in Open Government Budgets? Management World, No. 6, 72-84.
[34]
Zhang, Q., Zheng, Y., & Ning, S. (2016) News Information Increment, Audit Supervision and Government Financial Information Disclosure. Auditing Research, No. 6, 89-97.
[35]
Zhao, X. (2020). Comparative Study on Regional Differences of Digital Financial Risk: Based on AHP Analytic Hierarchy Method. Value Engineering, 39, 81-82.
[36]
Zheng, B. (2009). Introduction of Journalistic Legal Institution (p. 36). Tsinghua University Press.
[37]
Zhu, K. (2017). Research on Influencing Factors and Prevention Mechanism of Internet Financial Risk. China International Finance and Economics (Chinese and English), No. 16, 102-103.
[38]
Zou, W., & Ling, J. (2018). Government Intervention, Local Financial Development and Economic Growth. Contemporary Finance & Economics, No. 4, 14-24.
