媒体报道的公司治理促进作用机制研究——基于上市公司信息披露质量改善的视角

Research into the Action Mechanism of Media Coverage on Corporate Governance——From the Perspective of Improvement in Information Quality of Listed Company

以我国深圳证券交易所主板上市公司为样本,实证分析检验了媒体报道总量和媒体负面报道量对上市公司信息披露质量的监督促进效果。实证结果表明,总体来说媒体报道对改善上市公司信息披露质量产生显著的正向作用;但在中西部地区,媒体报道对上市公司信息披露质量的改善没有起到应有的作用,而媒体负面报道与东部地区上市公司信息披露质量的改善呈现显著的正相关关系;实证结果也证明媒体报道对国有上市公司信息披露质量的改善相关性很小,但媒体负面报道对非国有上市公司信息质量的改善却有很强的监督效应。

Based on the sampling of listed companies on the main board of Shenzhen Stock Exchange,the paper empirically tests the supervision effect of media coverage on information disclosure quality of listed companies.The results show that there exists a positive relation between media coverage and the improvement in information quality of listed companies. However,media coverage has no expected effect on information quality of listed companies in the west of China; negative media coverage has a positive effect on information quality of listed companies in the east of China. Furthermore,the findings show that though media coverage has little effect on information quality in state- owned enterprises,negative media coverage has a strong supervising effect on information quality in non- state- owned enterprises.