媒体关注对代理成本的影响

Influence of Media Coverage on Agency Cost

以2007～2010受到处罚的违规公司为样本,研究了媒体关注对代理成本的影响,发现在监管机构开始对公司的违规行为调查前,有32.1%的公司受到了媒体的负面报道和质疑。通过实证研究发现:有媒体关注公司的代理成本较低,并且媒体关注使违规严重公司的代理成本减少得较多;相对于没有媒体关注的公司,有媒体关注公司的独立董事使公司的代理成本减少得较多。因此,媒体在公司治理中发挥了重要治理作用,媒体关注已经成为了公司治理的重要组成部分。

This paper analyzes the effect of media coverage on agency costs based on the companies of violation that were published from 2007 to 2010. It finds out that 34% of those companies were questioned and received negative reports from media, before the regulatory started to investigate the irregularities of companies. Through empirical research, it finds that the agency cost of media coverage on corporate is lower, and media coverage would increase the decrease of agency cost in illegal companies. Compared with non media eoveragecompany, the independent directors reduce the agency cost more in the company with media coverage . Therefore, media coverage plays an important governance role in corporate governance, and becomes an important part of corporate governance.