媒体监督与公司治理——来自中国上市公司的经验证据

Media Supervision and Corporate Governance

本文检验了媒体对公司治理违规行为的报道对我国上市公司对利益相关者的影响。结果表明,新闻媒体对利益相关者均产生了影响:投资者的投资决策,公司治理违规的负面报道数量和股票价格变化之间显著的关系;政府监管部门的管制决策,随着公司治理违规报道的增加,政府对公司治理违规事件的介入概率也增加;上市公司的董事会,对公司治理违规的负面报道能够显著增加公司管理者的补救行动的概率。

This paper examines the influence of the media’s reporting violations of corporate governance on several main stakeholders in Chinese listed companies. Results indicate that in China, the Media influence: 1) investors’ investment decision, the statistical analysis shows that there is a significant negative relationship between the numbers of reports that exposing violations of corporate governance and changes of stock prices; 2) the government’s regulation, it shows that the probability of the government intervening violation of corporate governance increased when there are more negative reports; 3) the board of directors’ action, the results show that negative reports on companies can increase the possibility of firm’s remedial action.