媒体情绪与房价波动*

经济理论与经济管理 ›› 2020, Vol. 40 ›› Issue (12): 56-68.

媒体情绪与房价波动*

1 中国人民大学商学院； 2 北京信息科技大学经济管理学院； 3 北京联合大学生物化学工程学院。

出版日期:2020-12-16 发布日期:2020-12-25
基金资助:
本文得到国家自然科学基金项目“房价波动与房贷违约风险”（71373276）的资助。

MEDIA SENTIMENT AND HOUSING PRICE VOLATILITY

1.School of Business, Renmin University of China; 2. School of Economics and Management, Beijing Information Science and Technology University; 3. College of Biochemical Engineering, Beijing Union University

Online:2020-12-16 Published:2020-12-25

摘要/Abstract

摘要： 本文使用2000—2015年中国112个大中城市媒体报道和房价月度指数研究了媒体异质性对房价波动的影响。研究发现，纸媒情绪对房价波动的影响大于网媒情绪，中央媒体情绪对房价波动的影响大于地方媒体情绪，明星微博情绪对房价波动的影响大于普通微博情绪，媒体语气确定性和报道篇幅对房价波动有正影响，明星城市媒体情绪较非明星城市更易引起房价波动。据此，为防范非理性房价波动，应加强对不同媒体报道的监管。

关键词: 异质性媒体, 媒体情绪, 房价波动

Abstract: Employing the monthly data of media coverage and housing price indices of 112 large and medium cities in China from 2000 to 2015, this paper studies how heterogeneous media sentiments influence housing price volatility. The results show that the influence of newspaper sentiments on housing price volatility is greater than that of internet media sentiments, the national newspaper sentiments have greater effects than local newspaper sentiments, and the certified blogger sentiments have greater effects than uncertified blogger sentiments. The tone and length of media coverage positively affect housing price volatility. Finally, the media sentiments have greater effects in the firsttier cities than in other cities. Therefore, to prevent irrational housing price volatility, different media coverage should be regulated differentially.

Key words: heterogeneity of media, media sentiment, housing price volatility

况伟大, 张思涵, 张璋. 媒体情绪与房价波动*[J]. 经济理论与经济管理, 2020, 40(12): 56-68.

KUANG Weida, ZHANG Sihan, ZHANG Zhang . MEDIA SENTIMENT AND HOUSING PRICE VOLATILITY[J]. Economic Theory and Business Management, 2020, 40(12): 56-68.