媒体类型、媒体关注与上市公司违规行为——基于倾向得分匹配法的研究
发布时间：2019-08-03 10:36
【摘要】：基于媒体报道角度,选取2009-2016年发生违规行为的上市公司及PSM配对样本为研究对象,采用Logit模型考察媒体类型、媒体关注与公司违规行为的关系。研究发现:媒体关注度越高,上市公司违规行为发生可能性越低;相比正面新闻,负面新闻更能显著减少公司违规行为;不同类型的媒体对上市公司违规行为的约束力存在差异,政策导向类媒体能显著减少违规行为,市场导向类媒体的作用有限;对于国企,媒体主要通过行政干预机制实现监督职能,对民企则主要通过声誉机制。由此建议推进市场化竞争体制,鼓励媒体自由发声,并合理引导媒体的舆论功能,减少上市公司的违规行为,保障中小投资者利益。
[Abstract]:Based on the media coverage, the listed companies and the PSM paired samples of the non-compliance in 2009-2016 are selected as the research objects, and the relationship between the media types, the media attention and the company's violations is investigated by using the Logit model. The study found that the higher the media attention, the lower the possibility of the behavior of the listed companies, the lower the company's non-compliance compared with the positive news, and the difference in the binding force of different types of media on the behavior of the listed companies, Policy-oriented media can significantly reduce the violation, and the role of market-oriented media is limited; for state-owned enterprises, the media mainly implement the supervision function through the administrative interference mechanism, and the public enterprises mainly through the reputation mechanism. Therefore, it is suggested to promote the market-oriented competition system, encourage the free sound of the media, and guide the media's public opinion function reasonably, reduce the violation of the listed company, and guarantee the interests of the small and medium-sized investors.
【作者单位】： 北京联合大学;对外经济贸易大学;
【基金】：北京市属高等学校长城学者培养计划项目(项目编号:CIT&TCD20150313)
【分类号】：F275;F832.51;G206
[Abstract]:Based on the media coverage, the listed companies and the PSM paired samples of the non-compliance in 2009-2016 are selected as the research objects, and the relationship between the media types, the media attention and the company's violations is investigated by using the Logit model. The study found that the higher the media attention, the lower the possibility of the behavior of the listed companies, the lower the company's non-compliance compared with the positive news, and the difference in the binding force of different types of media on the behavior of the listed companies, Policy-oriented media can significantly reduce the violation, and the role of market-oriented media is limited; for state-owned enterprises, the media mainly implement the supervision function through the administrative interference mechanism, and the public enterprises mainly through the reputation mechanism. Therefore, it is suggested to promote the market-oriented competition system, encourage the free sound of the media, and guide the media's public opinion function reasonably, reduce the violation of the listed company, and guarantee the interests of the small and medium-sized investors.
【作者单位】： 北京联合大学;对外经济贸易大学;
【基金】：北京市属高等学校长城学者培养计划项目(项目编号:CIT&TCD20150313)
【分类号】：F275;F832.51;G206
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