双重代理成本视角下微信媒体的公司治理作用研究

A Study on the Corporate Governance Function of We Chat Media in the Light of Dual Agency Cost

在公司内部治理机制难以解决代理问题的背景下,媒体的外部治理作用受到关注。利用中国上市公司的经验数据,实证检验微信媒体关注对代理问题的影响,从而发现:微信媒体关注可以显著降低上市公司的第一类和第二类代理成本,即抑制管理层不正常的在职消费和消极工作行为,大股东对上市公司的利益侵占问题;相对于报纸媒体,微信媒体对两类代理成本的降低作用更为显著。进一步研究证实,微信媒体能显著抑制国有上市公司的过度投资行为,以及缓解非国有上市公司的投资不足问题。微信媒体从外部治理的角度为保护中小投资者利益提供了新渠道。

When company's internal governance mechanism has difficulties in solving the problem of agency,the external governance role of the media begins to draw lots of attention.Using the empirical data of Chinese listed companies,the study has empirically examined the influence of WeC hat media's attention to agency.It is found that WeC hat media attention can significantly reduce the first and second types of agency costs of listed companies by curbing the abnormal consumption and negative work behavior among management and the invasion of large shareholders to listed companies.Compared with the newspaper media,WeChat media plays a more significant role on reduction of the cost concerning the two types of agency.Further research confirms that WeC hat media can significantly inhibit the over-investment behavior of state-owned listed companies and alleviate the underinvestment of non-state-owned listed companies.From the perspective of external governance,WeC hat media can provide a new channel for small investors to protect the interests.