【摘要】：影響企業(yè)價(jià)值的因素不應(yīng)該僅僅考慮企業(yè)內(nèi)部治理機(jī)制,還應(yīng)該考慮到公司外部治理機(jī)制。在現(xiàn)代社會(huì),人們借助報(bào)紙、電視、廣播、網(wǎng)絡(luò)等在內(nèi)的媒體獲得他們所需要的信息,媒體發(fā)揮著收集信息并將其傳播給公眾的中介作用,并成為人們?nèi)粘Ｉ钪忻懿豢煞值慕M成部分。媒體監(jiān)督作為外部公司治理機(jī)制的一種重要方式,近期成為國(guó)內(nèi)外學(xué)術(shù)界研究的熱點(diǎn),并且引起我國(guó)證監(jiān)會(huì)的關(guān)注。 媒體作為現(xiàn)代社會(huì)信息傳遞的工具,不僅自身的“監(jiān)督者”形象有助于減少公司治理中存在的問(wèn)題,而且使廣泛的利益相關(guān)集團(tuán)以及社會(huì)規(guī)范對(duì)公司治理的影響得以實(shí)現(xiàn)和加強(qiáng)。因而,媒體關(guān)注的公司治理效應(yīng),對(duì)于保護(hù)投資者利益,促進(jìn)社會(huì)主義市場(chǎng)經(jīng)濟(jì)的良好發(fā)展有重要意義。處于經(jīng)濟(jì)和社會(huì)轉(zhuǎn)型的中國(guó)如何更好地發(fā)揮媒體關(guān)注的公司治理效應(yīng)? 本文以2010年到2012年中國(guó)上市公司滬深兩市734家上市公司為樣本,研究上市公司管理層持股比例與企業(yè)價(jià)值波動(dòng)性之間的關(guān)系。在此基礎(chǔ)上引入公司外部治理機(jī)制——媒體關(guān)注度的調(diào)節(jié)作用。同時(shí),本文將樣本按管理層持股比例與企業(yè)價(jià)值的關(guān)系走勢(shì)分為三部分：高管理層持股組、中管理層持股組和低管理層持股組,以此比較媒體治理效果在管理層持股比例高低不同的情況下的差異。通過(guò)實(shí)證研究,我們發(fā)現(xiàn)：管理層持股與上市公司價(jià)值顯著相關(guān),管理層持股與上市公司業(yè)績(jī)之間存在區(qū)間效應(yīng)；媒體關(guān)注度高的企業(yè),管理層持股對(duì)上市公司價(jià)值的影響更強(qiáng)。
[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.
【學(xué)位授予單位】：北京交通大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F271;F275;F832.51

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本文編號(hào)：2362744