媒体关注对上市公司业绩预告违规的影响研究

发布时间：2018-01-24 06:05

  本文关键词： 媒体关注 业绩预告违规 内部控制 公司治理　出处：《西北大学》2017年硕士论文　论文类型：学位论文

【摘要】：无论是工业经济的传统媒体,还是当今移动互联时代的网络媒体,媒体关注均作为一种外部因素,对社会生活带来广泛的影响。媒体关注依托报纸、网络为主的信息载体,以声誉机制为传递渠道,使其具有正面效应和负面效应,改变了信息不对称的现状。媒体通过披露上市公司的“好消息”和“坏消息”,警示经理人谨慎地进行业绩预告,进而改善企业的治理环境。那么,业绩预告违规作为公司治理的关键要素之一,正、负面媒体关注究竟对其具有怎样的治理效果?媒体在企业的内部控制环节能够发挥外部监督作用,作为内部治理机制,内部控制能否增强媒体关注对业绩预告违规的影响?这些问题值得深入探讨。本文选取2012-2015年我国应进行业绩预告的A股上市公司为研究样本,从委托代理、声誉机制和信号传递等理论出发,分析了媒体关注、内部控制与业绩预告违规的关系。具体采用Logit模型和逻辑回归的方法,基于内部控制的调节效应,实证检验媒体关注对上市公司业绩预告违规的影响。并且,通过分组回归的比较分析法验证正、负面媒体关注所发挥的不同治理作用,以及媒体关注对两种类型的业绩预告违规所产生的不同治理效果,强调了企业谨慎进行业绩预告的重要性。研究结果显示:(1)媒体关注能够抑制上市公司的业绩预告违规行为;(2)内部控制越完善,媒体关注对上市公司业绩预告违规行为的抑制作用越显著;(3)相对于正面媒体关注而言,负面媒体关注对上市公司业绩预告违规的抑制作用更强;(4)与“好消息”型业绩预告违规相比,媒体关注对“坏消息”型业绩预告违规行为的抑制作用更为显著。本文从媒体关注的角度出发,为监管部门制度建设与执行提供了新的经验证据,同时敦促企业努力完善内部控制体系、提高公司治理的水平。
[Abstract]:Whether it is the traditional media of industrial economy or the network media in the era of mobile interconnection, media attention, as an external factor, has a wide impact on social life. Media concern depends on newspapers. The network based information carrier takes reputation mechanism as the transmission channel, makes it have positive and negative effects, and changes the status quo of information asymmetry. The media disclose the "good news" and "bad news" of listed companies. Warning managers to carefully carry out performance forecasting, and then improve the corporate governance environment. Then, as one of the key elements of corporate governance, performance forecasting violations are positive. What is the governance effect of negative media attention? Media in the internal control of enterprises can play an external oversight role, as an internal governance mechanism, internal control can enhance media attention to the impact of performance notice violations? These problems are worthy of further discussion. This paper selects the A-share listed companies which should carry on the performance forecast from 2012-2015 as the research sample, starts from the principal-agent, reputation mechanism and signal transmission theory. This paper analyzes the relationship between media concern, internal control and performance forecast violation. It uses Logit model and logical regression method, based on the internal control regulation effect. Empirical test of the media concern on the performance of listed companies reported violations of the impact. And through the comparative analysis of group regression to verify the positive and negative media concerns play different governance roles. As well as the media attention to the two types of performance notice violations of the different governance effects. The research results show that the media attention can restrain the behavior of the listed companies. (2) the more perfect the internal control, the more significant the restraining effect of media attention to the listed company's performance forecast violation; Compared with the positive media attention, the negative media attention has a stronger restraining effect on the listed companies' performance forecast violation; Compared with the "good news" type performance forecast violation, the media concern has a more significant inhibitory effect on the "bad news" type performance forecast violation behavior. This article starts from the media concern angle. It provides new empirical evidence for the construction and implementation of regulatory system and urges enterprises to improve the internal control system and improve the level of corporate governance.
【学位授予单位】：西北大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：G206;F832.51;F275
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本文编号：1459348