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

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