媒体监督、流动性风险与失责行为的成本效应  

Media Monitoring,Liquidity Risk and the Cost Effect of Corporate Social Irresponsibility

作　　者：阳建辉[1,2] 马潇萌[1] 李根生[1] 

机构地区：[1]华中科技大学经济学院,武汉430074 [2]中国中投证券博士后科研工作站,广东深圳518000

出　　处：《软科学》2015年第9期68-71,80,共5页Soft Science

基　　金：国家自然科学基金面上项目(71271096);全国优秀博士学位论文作者专项资金资助项目(201304);华中科技大学博士学位论文创新基金项目

摘　　要：根据失责行为曝光后的企业风险偏好特征,理论构建并实证检验了媒体监督、流动性风险对产品质量问题企业经营成本的经济效应。结果显示:媒体监督效力显著,且非线性影响企业经营成本;高风险偏好机制下,流动性不足的成本效应凸显,媒体监督效力约为低风险偏好机制的2倍;不同风险偏好机制间的阈值所有者权益占比为40.69%;曝光前、后,流动性风险都会增加企业经营成本,高风险偏好企业具有风险溢价效应。失责企业股权结构改革和重配应注重防范流动性风险。According to firms’ risk preference characteristics of the exposed corporate social irresponsibility,this paper theoretically constructs and empirically tests the products quality problem’s economic effects result from media monitoring and liquidity risk. Results show that,media owns significant monitoring effect,and nonlinear affects firms’ operating costs. Under high-risk preference mechanism,Media monitoring exacerbates firms’ operating cost and its efficiency is about twice of the other mechanism. Different risk preference mechanisms’ threshold value is about 40. 69%. Before or after exposed,liquidity risk increases firms’ operating cost,but exists risk premium effect under high-risk preference mechanism. Irresponsible firms’ ownership structural reform and allocation should pay attention to liquidity risk.

关 键 词：媒体监督 企业社会责任 流动性风险 非线性 

分 类 号：F272.3[经济管理—企业管理]