媒体关注、内部控制质量与企业价值相关性研究

发布时间：2018-01-25 23:56

本文关键词： 媒体关注内部控制质量企业价值　出处：《江苏大学》2017年硕士论文　论文类型：学位论文

【摘要】：在新兴和转型经济体里,国家法律制度的完善并非朝夕可就,所以在经济市场往往出现非正式制度与其相互补充,媒体关注就是这样一种重要的外部监督力量。它能够影响社会舆情作用于上市公司,并能够对上市公司的经营信息的透明度产生影响,从而提升利益相关者和社会公众以及监管机构对上市公司的认知度。促使上市公司的管理层重视公司业绩,媒体的治理作用已经得到了国内外学者的肯定。由于多发的财务舞弊事件,内部控制制度随着法律和法规的颁布也逐步得到了重视,企业的内部控制制度成为一种内部治理机制。建立有效的企业内部控制制度可以降低会计处理程序的差错风险。由于内部控制的制衡性原则存在,既可以约束上市公司高管的行为,又降低代理成本和控制企业财务风险,提高经营管理效率,从而影响了上市公司的企业价值。媒体关注也可以减少上市公司管理人员的自利行为,提高对上市公司的高管人员的监督,增强了保护股东和债权人的作用力度。媒体关注在提高企业声誉的同时向外界传递有利信号,从这也可以看出内部控制制度和媒体关注是从内和外两个角度发挥公司治理的作用。基于此,文章对媒体关注、内部控制质量以及企业价值进行研究和讨论。在众多国内外学者研究两两关系的基础上,通过对三者关系的梳理和分析,运用stata11.0软件处理本文收集数据:主要应用于固定效应和随机效应模型的选择、中介效应的检验,并对实证结果进行分析和探讨。本文通过选取我国沪市的制造业上市公司2010-2015年数据进行静态面板回归分析,得出下研究结论:(1)媒体关注可以提高上市公司的企业价值;(2)媒体关注与内部控制质量正相关;(3)上市公司的内部控制质量是媒体关注与企业价值之间的中介效应。本文突破以往只研究媒体关注的治理作用,利用中介效应模型,对媒体关注如何影响企业价值作用路径进行分析讨论,进一步厘清了媒体关注、内部控制质量与企业价值之间的关系,增加了影响上市公司的企业价值因素理论的研究,丰富了研究视角和研究路径,为以后的研究提供了基础。
[Abstract]:In emerging and transition economies, improvements in national legal systems are not readily available, so informal institutions often complement each other in economic markets. Media concern is such an important external supervision force. It can affect the public opinion in the listed companies, and can have an impact on the transparency of operating information of listed companies. In order to enhance the stakeholders and the public as well as the regulatory body of the listed company awareness and promote the management of listed companies to attach importance to corporate performance. The governance role of the media has been recognized by domestic and foreign scholars. Due to the frequent financial fraud, the internal control system has been gradually attached importance with the promulgation of laws and regulations. The internal control system of an enterprise has become an internal governance mechanism. The establishment of an effective internal control system can reduce the error risk of accounting procedures. It can not only restrain the behavior of the executives of listed companies, but also reduce the agency costs and control the financial risks of enterprises, and improve the efficiency of management. Thus affecting the corporate value of listed companies. Media attention can also reduce the self-interest behavior of managers of listed companies and improve the supervision of executives of listed companies. Enhanced protection of shareholders and creditors. Media attention while improving the reputation of the enterprise while sending a positive signal to the outside world. From this we can also see that the internal control system and media concern are from the internal and external perspectives to play the role of corporate governance. Based on this, the article pays attention to the media. Internal control quality and enterprise value are studied and discussed. On the basis of many scholars at home and abroad to study the relationship between the two, through the combing and analysis of the three relationships. Using stata11.0 software to deal with the data collected in this paper: mainly used in the fixed effect and random effect model selection, intermediary effect test. And the empirical results are analyzed and discussed. This paper carries out static panel regression analysis by selecting the listed manufacturing companies in Shanghai Stock Exchange of China from 2010 to 2015. The following research conclusions: 1) Media attention can improve the corporate value of listed companies; 2) Media attention is positively related to the quality of internal control; 3) the internal control quality of listed companies is the intermediary effect between media concern and enterprise value. This paper analyzes and discusses how media attention affects the role of enterprise value, and further clarifies the relationship between media concern, internal control quality and enterprise value. It increases the research on the theory of enterprise value factor which affects the listed company, enriches the research angle and research path, and provides the foundation for the future research.
【学位授予单位】：江苏大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F406.7;F425

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