【摘要】：基于媒體報(bào)道角度,選取2009-2016年發(fā)生違規(guī)行為的上市公司及PSM配對(duì)樣本為研究對(duì)象,采用Logit模型考察媒體類型、媒體關(guān)注與公司違規(guī)行為的關(guān)系。研究發(fā)現(xiàn):媒體關(guān)注度越高,上市公司違規(guī)行為發(fā)生可能性越低;相比正面新聞,負(fù)面新聞更能顯著減少公司違規(guī)行為;不同類型的媒體對(duì)上市公司違規(guī)行為的約束力存在差異,政策導(dǎo)向類媒體能顯著減少違規(guī)行為,市場(chǎng)導(dǎo)向類媒體的作用有限;對(duì)于國企,媒體主要通過行政干預(yù)機(jī)制實(shí)現(xiàn)監(jiān)督職能,對(duì)民企則主要通過聲譽(yù)機(jī)制。由此建議推進(jìn)市場(chǎng)化競(jìng)爭(zhēng)體制,鼓勵(lì)媒體自由發(fā)聲,并合理引導(dǎo)媒體的輿論功能,減少上市公司的違規(guī)行為,保障中小投資者利益。
[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.
【作者單位】： 北京聯(lián)合大學(xué);對(duì)外經(jīng)濟(jì)貿(mào)易大學(xué);
【基金】：北京市屬高等學(xué)校長城學(xué)者培養(yǎng)計(jì)劃項(xiàng)目(項(xiàng)目編號(hào):CIT&TCD20150313)
【分類號(hào)】：F275;F832.51;G206

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