媒体负面报道、产权性质与控制权私有收益——基于A股上市公司的经验研究

Negative Media Coverage, Nature of Property Right and Private Benefit of Control Right ——A Study on the Experience of A-share Listed Companies

基于媒体监督视角,通过2014-2017年发生大宗股权交易的上市公司,实证分析了媒体负面报道与控制权私有收益的关系,同时考察了产权性质差异下媒体负面报道与控制权私有收益关系的调节作用。研究发现,媒体负面报道会抑制大股东对控制权私有收益的攫取;对非国有上市公司控制权私有收益的影响力强于国有上市公司。媒体作为"第四方权利",已经在公司治理层面崭露头角,媒体监管作用不容小觑。

Based on the perspective of media supervision, this paper empirically analyzes the relationship between negative media coverage and private benefit of control right by using listed companies with large-scale equity transactions from 2014 to 2017, and examines the moderating effect of negative media coverage on private benefit of control right under the different natures of property rights. The study finds that:(1) negative media coverage restrains large shareholders from seizing private benefit of control right;(2) the impact on private benefit of control right of non-state-owned listed companies is stronger than that on state-owned listed companies. As a "fourth party right", media have made a figure at the corporate governance level, and the role of media supervision can not be underestimated.