信息传播、媒体关注对上市公司利益相关者的影响——基于多变量多因素耦合的实证分析

The Impact of Media Attention on Stakeholders of Listed Companies from the Perspective of Information Dissemination——Based on Multi-variable Multi-factor Coupling Empirical Analysis

本文针对基于媒体的公司治理效应和作用机制单变量单因素非系统性分析的不足,提出了基于利益相关者多变量多因素耦合分析的方法。从信息传播视角出发,给出媒体关注对利益相关者影响的假设,提出利益相关者的利益综合评价指标,实现了上市公司在不同情况下对利益相关者利益的保护程度和支付能力的量度,并构建了媒体关注下的利益相关者连锁反应模型。以中国A股上市公司数据为样本验证假设,实证结果表明,媒体关注对上市公司利益相关者的整体利益具有积极的影响,对股东、债权人、客户、政府等的利益调节作用较明显。不同产权性质公司,对国有企业利益相关者会产生显著的差异性影响。此外,地区市场化程度对两者之间的关系具有重要的促进作用。本文加深了媒体的公司治理效应及作用机理的认知,对上市公司治理决策的制定、利益相关者利益的保护和公司价值的实现都具有一定的导向作用。

In recent years, many scholars at home and abroad discuss the phenomenon, which is the listed companies ＂concerned by the media＂ and ＂media association＂, around the media in the corporate governance role and mechanism. The focus of research is on the influence of media on corporate governance behavior and structure. However, the emergence of new social media, such as microblogging, WeChat and Facebook, is more complicated in the process of social relations. The transition from passive to proactive is no longer a one-way process, but rather a cyclical effect based on the constraints of the environment, the listed companies, and stakeholders. However,Gordon （1997） argued that satisfying stakeholder requirement was the real goal of business efforts, especially the management of customer stakeholder relationships. The media is aware of environmental issues in controlling stakeholders and secondary stakeholders （Yang Defeng et al. ,2012）, culminating in the possibility of implementing a forward-looking corporate governance strategy. So, does is there the media have any effects on the interests of the main stakeholders of listed companies, which are focus on the multi-factor coupling analysis？ Although, the academic community has studied the impact of the media on investor stock returns, there is a lack of analysis of the relationship between media concerns and stakeholder interests. This paper, based on the media information dissemination point of view, and the argument about the role of media attention allocating and regulating of resources between stakeholder groups, gives the hypothesis about the media attention to the impact of stakeholders, proposed a multi-factor coupling analysis of stakeholders and stakeholders＇ interests of the comprehensive evaluation of indicators to achieve a measurement of the listed companies in different circumstances on the stakeholders. This measurement is about the protection degree of interest and the payment ability, and constructs the chain reaction model of stakeholders under the media attention. Based on the data of China A-share listed companies, the empirical results show that the media attention has a positive effect on the overall interests of the stakeholders of listed companies, and the interests of shareholders, creditors, customers, and governments are obvious. The nature of the property company, the state-owned enterprise stakeholders have significant differences. In addition, after controlling the regional environmental differences, it is important to study the relationship between the degree of regional marketization and the influence of media attention on the interests of the stakeholders of listed companies. This study has deepened the media＇s corporate governance effect and the mechanism of action and has a certain guiding effect on the formulation of corporate governance decision-making, and the protection of the interests of stakeholders and the realization of corporate value. The further analyses are the impact of regional marketization on media concerns and corporate stakeholder relations. This paper, combining and clarifying the relationship among media attention, corporate governance, and related interests is conducive to formulating a reasonable corporate governance strategy and improving the efficiency of corporate governance. Although this article enriches the content of media attention and corporate governance, the conclusion is useful, laying the foundation of the corporate governance mechanism and governance strategy of the media, there are still many shortcomings. Firstly, with the advent of the Internet, the era of large data, the adjustment of industrial structure, the transformation of listed companies, and the regulation of regulatory mechanisms, whether more media stakeholder relationship management and corporate governance are sustainable, whether to and play a more and more important role. Secondly, the multi-factor and multi-factor coupling analysis method to evaluate the interests of the interests of listed companies need to be further improved, hoping to form a set of recognized evaluation criteria. What＇s more, with the Internet and the continuous development of information technology, the increasing variety of media, may consider further in-depth discussion of different nature of the media reports and different types of media heterogeneity of the impact of stakeholders. The scope of this article does not include the analysis of the interaction of media attention, the government, the customers, and other stakeholders, which is the author of the next step to be studied. Finally, based on the analysis of the media attention effects, the author will focus on, continue to explore the listed companies to take an active public opinion and the necessity and feasibility of management strategy.