媒体的治理效应、投资者保护与企业风险承担  

Governance Effect of the Media,Investor Protection and Corporate Risk Taking

作　　者：李冬昕[1,2] 宋乐[2] 

机构地区：[1]南京大学工程管理学院,江苏南京210093 [2]上海证券交易所,上海200120

出　　处：《审计与经济研究》2016年第3期83-91,共9页Journal of Audit & Economics

基　　金：国家自然科学基金项目(71203144);中国博士后科学基金第五十一批面上项目(2012M511255)

摘　　要：作为最重要的公司治理的外部机制,媒体能够加强信息披露、汇集与扩散,降低信息搜集成本,极大影响公司管理者行为。通过研究发现,媒体监督作用可以影响企业的风险承担问题。具体而言,媒体治理效应越强,越有利于强化企业投资决策过程中的风险偏好,促使企业承担更多的风险性项目。这说明媒体披露的确能在一定程度上发挥外部治理作用。此外,媒体披露对非国有控股上市公司管理者的风险承担影响显著,而且这种影响在投资者保护好的环境下更加突出。As the most important external mechanism of corporate governance,the media can strengthen the disclosure of information,collection and diffusion,reduce the information gathering costs,and greatly affect the company's management behavior.Through the study of this paper,the role of media supervision can improve the ability of enterprises to deal with the risk in the operation.This paper intends to disclose how the media influences the managers' decision-making.The result shows that the stronger the governance effect of the media is,the more conducive to strengthening the investment decision of the enterprises in the process of risk preference,and thus encouraging enterprises to bear the risk of the project more skillfully.This shows that the media can play a role in external governance.Media disclosure has a significant impact on the non-state owned listing corporation,and the impact is more prominent in more awareness environment of investor protection.

关 键 词：媒体披露 风险承担 公司治理 投资者保护 外部监督 资本市场价值 公司声誉 媒体治理效应 媒体监督 

分 类 号：F235.99[经济管理—会计学]