媒体关注、媒体类型对上市公司代理成本的影响研究

发布时间：2018-06-01 00:21

本文选题：媒体类型 + 媒体关注　；参考：《河南大学》2017年硕士论文

【摘要】：由于现代企业的发展,股份制经历了优胜劣汰后成为现今最普遍的公司组织形式。股份制公司的确有比较高的经营效率,然而由于所有权和经营权的分离产生了管理学中一个重要的分支——委托代理理论,由此导致的代理问题也成为了学术研究的重点关注领域。如何解决委托代理关系双方利益冲突导致的代理成本问题一直是学者们研究的热点,许多学者都就优化公司治理结构、改善对管理者的激励机制等方面提出了建议。这些措施有一定的积极效果,但是随着经济的发展,上市公司的外部生存环境越来越复杂,市场竞争愈发激烈,仅仅通过公司内部治理结构的优化,无法达到预期的治理效果,因此结合外部治理机制来共同解决代理问题成为了一个新的思路。在西方国家中,媒体一直被认为是是独立于司法、立法和行政权利外的“第四权”,媒体在外部对公司治理的作用很早就有西方学者进行探究,他们对媒体在市场外部起到的监督作用给予了肯定,而且有学者发现在转型国家中,媒体发挥的积极作用更加明显。在我国现有的法律环境下,随着媒体在曝光公司问题、反腐反贪等方面越来越亮眼的表现,媒体发挥的独立的监督作用也受到了学者们的广泛关注。媒体通过对信息的挖掘、加工与广泛传播,可以降低企业利益相关者与经营者间的信息不对称程度,使股东、投资者等获得更多的信息,做出合理的投资决策。此外,媒体所造成的舆论效果也可以触发市场声誉机制,使企业管理人员减少不当行为。媒体还可以通过问题曝光与舆论压力引起行政监督管理部门的介入,使企业迫于行政压力改正违规行为。通过这些机制,媒体关注就可以达到降低公司代理成本的效果,而且由于科技的进步与网络的普及,媒体的传播渠道更为完善,类型更加丰富,除了以往对四大传统媒体的分类外,网络媒体异军突起,已经成为了现今不可忽视的媒体力量。因此本文对媒体类型进行了细分,把网络媒体的影响力考虑在内,将媒体分为网络媒体、政策导向媒体和市场导向媒体,以期更加深入地了解各类型媒体的影响机制以及对上市公司代理成本的作用。通过对2010-2013年上海证券交易所主板A股上市的公司进行取样研究,实证检验了媒体关注度、媒体类型与代理成本之间的关系。实证结果表明,媒体关注对上市公司的代理成本有明显降低作用。而不同类型的媒体,作用效果确实各有不同。网络媒体可以显著减低全样本公司的代理成本,但是市场导向媒体和政策导向媒体对于全样本的代理成本并无明显影响。考虑到企业的产权性质不同,本研究又针对国有企业、民营企业进行了分组检验,实证结果表明政策导向媒体对国有企业代理成本有显著降低作用,市场导向媒体对民营企业代理成本有显著降低作用。因此,本文认为媒体可以作为公司治理的一种外部手段降低企业代理成本,并且我们应该合理利用不同类型的媒体使之充分发挥监督作用,提升公司的治理效率。
[Abstract]:Due to the development of modern enterprises, the shareholding system has experienced the survival of the fittest and became the most common form of corporate organization. The shareholding company does have a relatively high operating efficiency. However, the separation of ownership and management rights has produced an important branch of management, the principal-agent theory, which has led to the problem of agency. It is the focus of academic research. How to solve the agency cost problem caused by the conflict of interests between principal and agent relationship has always been a hot spot of research by scholars. Many scholars have put forward some suggestions on optimizing the corporate governance structure and improving the incentive mechanism of managers. With the development of the economy, the external living environment of the listed companies is becoming more and more complex and the market competition is becoming more and more intense. Only through the optimization of the internal governance structure of the company, it is unable to achieve the desired effect of governance. Therefore, it becomes a new idea to solve the agency problem jointly with the external governance mechanism. In the western countries, the media have been considered to be the same Independent of the "fourth powers", independent of the judicial, legislative and administrative rights, the role of the media in the external governance of the company has long been explored by western scholars. They affirm the supervisory role of the media in the market, and some scholars have found that the active role of the media is more obvious in the countries in transition. Under the legal environment, as the media has become more and more attractive in exposing the company's problems and anti corruption and anti corruption, the independent supervision of the media has also been widely concerned by the scholars. Through the mining of information, the processing and extensive dissemination of the information can reduce the degree of information asymmetry between the stakeholders and the operators. In addition, the public opinion effect caused by the media can also trigger the market reputation mechanism and reduce the improper behavior of the enterprise managers. The media can also expose the pressure of public opinion to the administrative supervision department and make the enterprise under administrative pressure. Through these mechanisms, media attention can achieve the effect of reducing the agency cost of the company, and because of the progress of science and technology and the popularization of the network, the media's communication channel is more perfect and the type is more abundant. In addition to the previous classification of the four traditional media, the network media has become the present cannot be ignored. Therefore, this article subdivides the media type, takes the influence of the network media into consideration, divides the media into the network media, the policy oriented media and the market oriented media, in order to know more deeply about the influence mechanism of various types of media and the role of the agency cost of the listed companies. Through the 2010-2013 year Shanghai A sampling study of A shares listed on the main board of the stock exchange is conducted to examine the relationship between media attention, media type and agency cost. The empirical results show that media attention has a significant reduction in the agency cost of listed companies. The agency cost of the whole Sample Firms is low, but the market oriented media and the policy oriented media have no obvious influence on the agency cost of the whole sample. Considering the different property rights of the enterprises, this study also makes a grouping test for the state-owned enterprises and private enterprises. The empirical results show that the policy oriented media has a significant cost to the state-owned enterprises. In this paper, the media can reduce the agency cost of corporate governance as an external means of corporate governance, and we should make use of different types of media to give full play to the supervision and improve the efficiency of corporate governance.
【学位授予单位】：河南大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：G206;F275

【参考文献】