媒体报道对公司治理的影响研究综述

Review of the Impact of Media Coverage on Corporate Governance

媒体作为投资者获取信息的重要来源,其在公司治理中发挥的作用一直备受学术界关注。目前有关媒体这一外部治理机制的作用主要有媒体报道能够有效改善公司治理水平与媒体无法有效监督两种观点。一方面,现有研究认为媒体监督能有效提升公司业绩,减少违规行为,改善代理问题;另一方面,有研究认为媒体的报道并非完全中立,媒体出于自身的利益考量可能会进行有偏报道,从而扰乱资本市场。文章采用文献分析法,试图通过梳理媒体监督与公司治理相关文献,整理有关媒体监督在公司治理中发挥作用的不同观点与现有研究成果,以期为后续研究提供参考。

As an important source of information for investors,the role played by the media in corporate governance has been of great interest to academics.Currently,there are two main views on the role of the media as an external governance mechanism.Namely,media reports can effectively improve corporate governance and media cannot effectively monitor.On the one hand,existing studies believe that media monitoring can effectively improve corporate performance,reduce non-compliance,and improve the agency problem.On the other hand,some studies believe that media reports are not completely neutral,and the media may carry out biased reports out of their own interest considerations,thus disturbing the capital market.This paper adopts the literature analysis method and tries to organize the different views and existing research results on the role of media monitoring in corporate governance by combing the literature related to media monitoring and corporate governance,with a view to providing references for subsequent studies.