媒体关注度对管理层持股与企业价值关系的影响研究
发布时间：2018-11-28 11:49
【摘要】：影响企业价值的因素不应该仅仅考虑企业内部治理机制,还应该考虑到公司外部治理机制。在现代社会,人们借助报纸、电视、广播、网络等在内的媒体获得他们所需要的信息,媒体发挥着收集信息并将其传播给公众的中介作用,并成为人们日常生活中密不可分的组成部分。媒体监督作为外部公司治理机制的一种重要方式,近期成为国内外学术界研究的热点,并且引起我国证监会的关注。 媒体作为现代社会信息传递的工具,不仅自身的“监督者”形象有助于减少公司治理中存在的问题,而且使广泛的利益相关集团以及社会规范对公司治理的影响得以实现和加强。因而,媒体关注的公司治理效应,对于保护投资者利益,促进社会主义市场经济的良好发展有重要意义。处于经济和社会转型的中国如何更好地发挥媒体关注的公司治理效应? 本文以2010年到2012年中国上市公司沪深两市734家上市公司为样本,研究上市公司管理层持股比例与企业价值波动性之间的关系。在此基础上引入公司外部治理机制——媒体关注度的调节作用。同时,本文将样本按管理层持股比例与企业价值的关系走势分为三部分：高管理层持股组、中管理层持股组和低管理层持股组,以此比较媒体治理效果在管理层持股比例高低不同的情况下的差异。通过实证研究,我们发现：管理层持股与上市公司价值显著相关,管理层持股与上市公司业绩之间存在区间效应；媒体关注度高的企业,管理层持股对上市公司价值的影响更强。
[Abstract]:The factors influencing the enterprise value should not only consider the internal governance mechanism, but also the external governance mechanism. In modern society, people use newspapers, television, radio, the Internet and other media to get the information they need. The media play an intermediary role in collecting information and disseminating it to the public. And become an inseparable part of people's daily life. As an important way of external corporate governance, media supervision has recently become the focus of academic research at home and abroad, and has attracted the attention of China Securities Regulatory Commission (CSRC). As a tool of information transmission in modern society, media not only has its own "supervisor" image, but also helps to reduce the problems existing in corporate governance. Moreover, the influence of broad stakeholder groups and social norms on corporate governance can be realized and strengthened. Therefore, the corporate governance effect concerned by the media is of great significance to protect the interests of investors and promote the good development of socialist market economy. In the economic and social transformation of China, how to better play the media focus on corporate governance effect? Based on 734 listed companies listed in Shanghai and Shenzhen from 2010 to 2012, this paper studies the relationship between managerial shareholding ratio and enterprise value volatility in listed companies. On this basis, the introduction of external corporate governance mechanism-the regulatory role of media attention. At the same time, the sample is divided into three parts according to the relationship between managerial shareholding ratio and enterprise value: high management shareholding group, middle management shareholding group and low management shareholding group. In this way, the effect of media governance in the case of different ownership ratio of management is different. Through the empirical research, we find that the value of the listed company is significantly related to the managerial shareholding, and there is an interval effect between the managerial shareholding and the performance of the listed company. Media attention of high-level enterprises, management ownership of listed companies have a stronger impact on the value.
【学位授予单位】：北京交通大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F271;F275;F832.51
本文编号：2362744
[Abstract]:The factors influencing the enterprise value should not only consider the internal governance mechanism, but also the external governance mechanism. In modern society, people use newspapers, television, radio, the Internet and other media to get the information they need. The media play an intermediary role in collecting information and disseminating it to the public. And become an inseparable part of people's daily life. As an important way of external corporate governance, media supervision has recently become the focus of academic research at home and abroad, and has attracted the attention of China Securities Regulatory Commission (CSRC). As a tool of information transmission in modern society, media not only has its own "supervisor" image, but also helps to reduce the problems existing in corporate governance. Moreover, the influence of broad stakeholder groups and social norms on corporate governance can be realized and strengthened. Therefore, the corporate governance effect concerned by the media is of great significance to protect the interests of investors and promote the good development of socialist market economy. In the economic and social transformation of China, how to better play the media focus on corporate governance effect? Based on 734 listed companies listed in Shanghai and Shenzhen from 2010 to 2012, this paper studies the relationship between managerial shareholding ratio and enterprise value volatility in listed companies. On this basis, the introduction of external corporate governance mechanism-the regulatory role of media attention. At the same time, the sample is divided into three parts according to the relationship between managerial shareholding ratio and enterprise value: high management shareholding group, middle management shareholding group and low management shareholding group. In this way, the effect of media governance in the case of different ownership ratio of management is different. Through the empirical research, we find that the value of the listed company is significantly related to the managerial shareholding, and there is an interval effect between the managerial shareholding and the performance of the listed company. Media attention of high-level enterprises, management ownership of listed companies have a stronger impact on the value.
【学位授予单位】：北京交通大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F271;F275;F832.51
【参考文献】
相关期刊论文 前2条
1 徐莉萍;辛宇;祝继高;;媒体关注与上市公司社会责任之履行——基于汶川地震捐款的实证研究[J];管理世界;2011年03期
2 谭庆美;吴金克;;管理层持股与中小上市企业绩效——基于中小企业板数据的实证分析[J];山西财经大学学报;2011年02期
，本文编号：2362744
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