信息传播、媒体关注对上市公司利益相关者的影响——基于多变量多因素耦合的实证分析

发布时间：2018-01-20 07:37

本文关键词： 媒体关注信息传播公司治理利益相关者耦合分析　出处：《经济管理》2017年07期 　论文类型：期刊论文

【摘要】：本文针对基于媒体的公司治理效应和作用机制单变量单因素非系统性分析的不足,提出了基于利益相关者多变量多因素耦合分析的方法。从信息传播视角出发,给出媒体关注对利益相关者影响的假设,提出利益相关者的利益综合评价指标,实现了上市公司在不同情况下对利益相关者利益的保护程度和支付能力的量度,并构建了媒体关注下的利益相关者连锁反应模型。以中国A股上市公司数据为样本验证假设,实证结果表明,媒体关注对上市公司利益相关者的整体利益具有积极的影响,对股东、债权人、客户、政府等的利益调节作用较明显。不同产权性质公司,对国有企业利益相关者会产生显著的差异性影响。此外,地区市场化程度对两者之间的关系具有重要的促进作用。本文加深了媒体的公司治理效应及作用机理的认知,对上市公司治理决策的制定、利益相关者利益的保护和公司价值的实现都具有一定的导向作用。
[Abstract]:Aiming at the deficiency of univariate, univariate and non-systematic analysis of corporate governance effect and mechanism based on media, this paper puts forward a method of multi-variable and multi-factor coupling analysis based on stakeholders, starting from the perspective of information dissemination. The assumption that the media pay attention to the impact on the stakeholders is given, and the comprehensive evaluation index of the stakeholders' interests is put forward, which realizes the measure of the degree of protection and the ability to pay of the interests of the listed companies under different circumstances. And constructed the stakeholder chain reaction model under the media concern. Taking the Chinese A-share listed company data as the sample to verify the hypothesis, the empirical results show that. Media concern has a positive impact on the overall interests of the stakeholders of listed companies, and has a significant role in regulating the interests of shareholders, creditors, customers, governments and so on. On the state-owned enterprise stakeholders will have a significant difference. In addition. The degree of regional marketization plays an important role in promoting the relationship between the two. This paper deepens the understanding of the effect of corporate governance and the mechanism of the media, and makes the decision-making of corporate governance of listed companies. The protection of stakeholders' interests and the realization of corporate value play a guiding role.
【作者单位】：西安交通大学管理学院;香港城市大学商学院;
【基金】：国家自然科学基金面上项目“网络舆情对企业绩效与股票价格的影响机制及管理方法研究”(71672141);国家自然科学基金面上项目“媒体报道发挥公司治理作用的机制研究:理论分析与实证检验”(71372163) 陕西省教育厅专向研究计划项目“基于大数据的网络外界约束对上市公司利益相关者关系管理影响的研究”(16JK2056)
【分类号】：F271;F832.51;G206
【正文快照】： 一、引言从前几年的思科“棱镜门”、农夫山泉“标准门”、上海家化高层内斗、中储粮粮囤失火、三鹿奶粉破产,到2014年金宇车城、2015年京东商城、聚美优品“知假售假”,再到2016年大型公众公司万科因为股权问题闹到不可开交等一系列事件被媒体曝光后,因触及到相关利益方的

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