“大数据”时代背景下媒体的公司治理机制研究——基于信息透明度的实证检验

Research on Mechanisms of Corporate Governance of the Mass Media in the Age of "Big Data"——Based on Empirical Result of Transparency

本文基于"大数据"背景下媒体曝光视角,以2008—2012年间的A股上市公司为主要研究对象,探讨大众媒体的公司治理职能的有效性,实证检验了媒体治理职能的作用机制。研究结果表明,媒体曝光能够显著提升上市公司的信息透明度,而信息透明度的提高能够进一步降低两类委托代理成本,从而缓解股东与管理层以及大股东与中小投资者之间的利益冲突。大众媒体以提升企业信息透明度为作用机制,发挥着积极的公司治理职能。相对应的,监管部门应该借助"大数据"背景下媒体发展的契机,合理运用信息报道规模性、多样性、实时性和价值性特征,充分发挥媒体的公司治理职能。

Taking the listed companies from 2008 to 2012 as the main object of the study, this paper studies the effectiveness and the mechanisms of corporate governance of the mass media in the age of ＂big data. ＂ The results showed that media exposure can significantly improve the transparency of listed companies, and the improvement of the transparency can further reduce the agency costs and ease the conflict of interests between shareholders and management as well as outsider investors. By enhancing information transparency, media plays an active corporate governance function. Correspondingly, the regulatory authorities should make use of the opportunity of media development in the age of ＂big data＂ and give full play to the functions of the media＇s corporate governance.