Newsletter No. 476

4 476 • 19.4.2016 校園消息 Campus News 法學院長論壇誌慶法律學院十周年 Asia-Pacific Law Deans’ Forum to Celebrate Law Faculty’s 10th Anniversary 中庸之道：中國傳媒公信力和股價的微妙平衡 A Balancing Act: Media Credibility and Share Prices in China 為誌慶法律學院成立十周年，學院與國際法學院聯合會於4月7至10日合辦2016亞太法律 學院院長論壇，為院慶活動揭開序幕。 論壇以「全球法律教育的未來展望」為主題，吸引了超過三十位來自十五個司法管轄區的 法學院院長及副院長出席，包括澳洲、孟加拉、香港、印度、印尼、內地、馬來西亞、尼泊爾、 紐西蘭、菲律賓、俄羅斯、新加坡、台灣、泰國及美國。 開幕典禮於4月8日舉行，由中大法律學院院長Christopher Gane教授、蘇州大學王健法學 院榮譽退休院長及國際法學院聯合會主席王巽廉教授、美國康奈爾大學法學院副院長及 國際法學院聯合會秘書長及司庫Barbara Holden-Smith教授致上歡迎辭。 論壇包括四節主題討論環節及多場小組討論，議題包括法學院在提供優質教育上面對的 挑戰和機遇，以配合法律專業及社會需求的轉變；亞太地區法律學院在培養專才以應對全 球化挑戰方面所擔當的角色；法律教育未來的發展方向；亞太地區法學院該如何迎接挑 戰，塑造共同的未來等。 論壇上的討論及真知灼見為香港法律教育的未來發展帶來重要的啟示，並提供了寶貴的交 流平台，促進亞太地區法律學院之間的協作和聯繫交流。 會計學院副教授兼公司治理中心副主任張田余教授（ 圖 ）和研究夥伴翻閱了超過一百萬篇 於2000年至2010年刊登的中國本地新聞，嘗試了解傳媒公信力對上市公司股價的影響。 資訊高度透明乃已發展國家金融市場成熟的標記。中國經濟實力不斷茁莊發展，內地的財 經傳媒會否也更趨專業？這正正是張教授有興趣探究的課題。 張教授將於亞洲最大的獨立財經媒體「日經集團」旗下的 Nikkei Asian Review ，發表題為 China’s stock prices affected more by non-propaganda business news’的文章。 文中指出，最能影響一家公司股價的新聞報道，是來自獨立專業的商業出版機構，而非那些 發表於國營媒體的資訊。張教授更發現，中國自八十年代開始的傳媒改革，引入市場運作模 式和激勵機制，令財經傳媒的發展更邁向專業。 張教授也觀察到，在其他的改革範疇中出現過的「雙軌策略」也出現在傳媒的改革中。在 中國的財經傳媒生態中，批判性的輿論與官方消息同時出現，彼此抵消了影響，達至平衡 點。但他很樂觀的相信，這平衡點將有助傳媒的發展提升至更高水平，如其他已發展國 家般。 張教授專研機構的相互關係、公司管治和公司透明度。他這篇文章是以另一篇他與 Joseph D. Piotroski教授、黃德尊教授於2015年合著的研究論文為基礎，該文題為 Political Bias of Corporate News in China: Role of Commercialization and Conglomeration Reforms’，是首篇研究內地傳媒改革和其影響的學術論文。 Prof. Zhang Tianyu ( photo ), associate professor at the School of Accountancy and associate director of the Center for Institutions and Governance, worked with his associates to plough through over a million domestic Chinese news articles published in the period 2000–2010 to examine the effect of media credibility on the share prices of listed companies. Transparency of information has been a hallmark of a mature financial market in most developed economies. Has the blossoming of the Chinese economy come about with the professionalization of its business journalism? This is the question that interested Professor Zhang. In his article ‘China’s stock prices affected more by non-propaganda business news’ which will be published by the Nikkei Asian Review , owned by Asia’s largest independent business media group Nikkei Inc., Professor Zhang concludes that the news reports that were more likely to affect the share price of a company were those published in the independently and professionally run business publications rather than those published in the state-run news outfits. He further found that the media reforms that had taken place in China since the 1980s had introduced market practices and incentives and contributed to the professionalization of Chinese business journalism. Professor Zhang saw the formation of a ‘double-track’ reform strategy in the media which was also found in other sectors of reform. An equilibrium has been achieved in the ecology of Chinese business reporting where critical commentaries exist side by side the official lines, thus cancelling each other out. However, he is optimistic that this equilibrium would in time tip in favour of developing higher journalistic standards commonly found in other developed economies. Professor Zhang’s research focuses on the interrelationship among institutions, corporate governance and corporate transparency. His article was based on a working paper he co-authored with Prof. Joseph D. Piotroski and Prof. T.J. Wong (‘Political Bias of Corporate News in China: Role of Commercialization and Conglomeration Reforms’, 2015), the first academic paper looking into the consequences of the media reforms on the mainland. This year marks the 10th anniversary of the Faculty of Law. Co-organized with the International Association of Law Schools, the Faculty held the 2016 Asia-Pacific Law Deans’ Forum from 7 to 10 April as a kick-off for celebrating the anniversary. Featuring the theme of ‘Envisioning the Future of Legal Education Globally–Inside the Crystal Ball, the forum attracted more than 30 law deans and associate deans of leading law schools from 15 jurisdictions to attend, including Australia, Bangladesh, Hong Kong, India, Indonesia, mainland China, Malaysia, Nepal, New Zealand, Philippines, Russia, Singapore, Taiwan, Thailand, and the US. At the opening of the forum on 8 April, Prof. Christopher Gane, Dean of the Faculty of Law, CUHK; Prof. Francis S.L. Wang, Dean Emeritus of Kenneth Wang School of Law and President/Chairman of the International Association of Law Schools; and Prof. Barbara Holden-Smith, Vice-Dean of Cornell Law School and General Secretary and Treasurer of the International Association of Law Schools, delivered an welcoming speech each. The forum consists of four plenary discussions, with each followed by small group discussions. The questions discussed included the challenges and opportunities in providing top-quality education that meets the changing needs of the legal profession and society; roles of law schools in Asia-Pacific in educating professionals operating in a globalized world; the future direction of legal education; and how should law schools in Asia-Pacific rise to the challenges to shape a common future, amongst others. The insights from the forum helped inform the ongoing discussions on the future of legal education in Hong Kong. It also provided an invaluable platform for the law schools in Asia-Pacific to collaborate and build a networked improvement community which is essential in the globalized world. ‘ ‘ ‘