媒体监督、声誉共同体与投资者保护  

The Supervision by the Media,the Reputation Community and the Protection for Investors

作　　者：李焰[1] 王琳[1] 

机构地区：[1]中国人民大学商学院

出　　处：《管理世界》2013年第11期130-143,188,共14页Journal of Management World

基　　金：国家自然科学基金项目(71272150);中国人民大学博士基金项目(3481107)的资助

摘　　要：声誉是一种重要的投资者利益保护机制,但相对于法律机制,有关研究却相对滞后。本文以声誉理论为基础,从整体和动态的角度,创造性地提出声誉共同体概念,构建了媒体监督下声誉对投资者利益保护机制的研究框架,并以五粮液为例对此框架进行解析。通过本文建立的声誉受损成本模型,以声誉受损成本在共同体成员之间的传递,解释了声誉机制的作用机理,并揭示了声誉机制作用效果存在差异的原因。Reputation is an important mechanism to protect investors' benefits. However, the relative study is relatively lag-ging compared with that of law. Based on the reputation theory, we have, in this article, from the overall and dynamicperspective, creatively established the concept of'the reputation community', and constructed a research framework ofthe mechanism, under the media supervision, of the reputation protecting the benefit of investors, and selected'Wul-iangye'as an example to analyze this framework. Through the reputation cost model established in this article, and bythe transferring of the reputation loss cost among the members of the community, we have explained the functionalmechanism of the reputation mechanism, and revealed the reasons why there are differences in the effects of the reputa-tion mechanism.

关 键 词：媒体监督 声誉共同体 投资者保护 五粮液 

分 类 号：F276.6[经济管理—企业管理]