媒体监督对企业价值的影响探究
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摘要
企业价值一直是企业自身及企业利益相关者关心的问题。随着我国媒体的快速发展,媒体监督已成为影响企业价值的重要因素。基于公司治理视角,文章以2013～2016年我国A股上市公司为样本,检验了媒体监督对企业价值的影响,并分析了这种影响效果的异质性。研究发现:我国A股上市公司企业价值差异较大,整体水平偏低,媒体监督能显著提高企业的价值。进一步运用分类回归研究发现,媒体监督对企业价值的影响具有异质性,即这种显著正相关的关系主要体现在非国有企业中,在国有企业中并不显著。
Enterprise value has always been the concern of enterprises themselves and their stakeholders.With the rapid development of Chinese media,media supervision has become an important factor affecting enterprise value.Based on the perspective of corporate governance,this paper took China's a-share listed companies from 2013 to 2016 as samples to test the impact of media supervision on enterprise value and analyze the heterogeneity of the impact effect.The research finds that the enterprise value of a-share listed companies in China is greatly different and the overall level is low.Media supervision can significantly improve the value of enterprises.Further using classified regression method,it is found that the influence of media supervision on enterprise value is heterogeneous.This significant positive correlation is mainly reflected in non-stateowned enterprises,but not in state-owned enterprises.
Enterprise value has always been the concern of enterprises themselves and their stakeholders.With the rapid development of Chinese media,media supervision has become an important factor affecting enterprise value.Based on the perspective of corporate governance,this paper took China's a-share listed companies from 2013 to 2016 as samples to test the impact of media supervision on enterprise value and analyze the heterogeneity of the impact effect.The research finds that the enterprise value of a-share listed companies in China is greatly different and the overall level is low.Media supervision can significantly improve the value of enterprises.Further using classified regression method,it is found that the influence of media supervision on enterprise value is heterogeneous.This significant positive correlation is mainly reflected in non-stateowned enterprises,but not in state-owned enterprises.
引文
[1]范琳,金宇,苑泽明.媒体监督、危机公关与企业业绩[J].财会月刊,2017,(12):46-52.
[2]黄磊,王化成,裘益政.ToibnQ反映了企业价值吗——基于市场投机性的视角[J].南开管理评论,2009,(1):90-95
[3]梁红玉,姚益龙,宁吉安.媒体监督、公司治理与代理成本[J].财经研究,2012,(7):90-100.
[4]郑志刚,丁冬,汪昌云.媒体的负面报道、经理人声誉与企业业绩改善——来自我国上市公司的证据[J].金融研究,2011,(12):163-176.
[5]周开国,应千伟,钟畅.媒体监督能够起到外部治理的作用吗?——来自中国上市公司违规的证据[J].金融研究,2016,(6):193-206.
[6]陈霞,马连福.公司治理水平、企业成长与企业价值的关系研究:内部控制视角[J].预测,2015,(6):28-50.
[7]孙敏,张彦.公司治理、企业社会责任与企业价值[J].会计之友,2012,(4):100-103.
[8] Chang E C,Wong S M. Governance with Multiple Objectives:Evidence from Top Executive Turnover in China[J].Journal of Corporate Finance,2009,(2):230-230.
[9]吴德军.公司治理、媒体监督与企业社会责任[J].中南财经政法大学学报,2016,(5):110-117.
[10]李慧云,符少燕,高鹏.媒体关注、碳信息披露与企业价值[J].统计研究,2016,(9):63-69.
[2]黄磊,王化成,裘益政.ToibnQ反映了企业价值吗——基于市场投机性的视角[J].南开管理评论,2009,(1):90-95
[3]梁红玉,姚益龙,宁吉安.媒体监督、公司治理与代理成本[J].财经研究,2012,(7):90-100.
[4]郑志刚,丁冬,汪昌云.媒体的负面报道、经理人声誉与企业业绩改善——来自我国上市公司的证据[J].金融研究,2011,(12):163-176.
[5]周开国,应千伟,钟畅.媒体监督能够起到外部治理的作用吗?——来自中国上市公司违规的证据[J].金融研究,2016,(6):193-206.
[6]陈霞,马连福.公司治理水平、企业成长与企业价值的关系研究:内部控制视角[J].预测,2015,(6):28-50.
[7]孙敏,张彦.公司治理、企业社会责任与企业价值[J].会计之友,2012,(4):100-103.
[8] Chang E C,Wong S M. Governance with Multiple Objectives:Evidence from Top Executive Turnover in China[J].Journal of Corporate Finance,2009,(2):230-230.
[9]吴德军.公司治理、媒体监督与企业社会责任[J].中南财经政法大学学报,2016,(5):110-117.
[10]李慧云,符少燕,高鹏.媒体关注、碳信息披露与企业价值[J].统计研究,2016,(9):63-69.