媒体治理:角色、作用机理及效果——基于投资者保护框架的文献述评

Media Governance:Role,Mechanism and Effect:A Review Based on Previous Studies of the Investor Protection Framework

当前研究所关注的法律、管制及产权制度等投资者保护正式机制在我国作用有限,媒体在一定程度上可以作为保护投资者的补充机制。国外相关领域的研究成果表明:第一,媒体在投资者保护框架中以正式机制的补充角色出现。第二,在信息传播机制和声誉机制及二者融合的作用下,媒体治理将使投资者、管理者以及监管者等市场参与主体无法"独善其身",以此达到投资者保护目的。第三,媒体是把"双刃剑",在不同情形下会产生不同的治理效果,在肯定其正面效果的同时,也需要关注其带来的中性效果甚至是负面效果。目前国内对媒体治理的研究只是前瞻性的涉猎,必须进一步完善媒体治理的实证设计,拓展媒体偏差的研究,深化基于投资者保护视角和投资者保护机理的研究。

The current investor protection（IP） mechanism which attracts much attention from researchers plays a limited role in China.This paper argues that media governance（MG） can to some extent play a role as a supplementary IP mechanism.Previous studies of IP in foreign countries have revealed the following：（1） MG plays a supplementary role as a formal mechanism in the framework of IP.（2） MG,through the impact of information dissemination and reputation and the integration of both,makes it impossible for market participants,i.e.investors,managers and supervisors,to be ＂completely impeccable＂,thereby achieving the aim of IP.（3） MG,as a ＂double-edged sword＂,brings about different effects under different circumstances.While MG＇s positive effects must be recognized,attention must be paid to both its neutral and negative effects as well.Current research on MG in China yields only suggestions and proposals.It is argued that empirically based plans be further improved for MG,that the likelihood of non-positive effects of MG be studied more extensively,and that in-depth studies be conducted from the perspectives of IP and IP mechanism.