新闻媒体报道、高管薪酬与企业未来经营绩效  

Media Coverage,Executive Compensation,and Firm's Future Performance

作　　者：郭照蕊[1] 黄俊[2] GUO Zhao-rui;HUANG Jun

机构地区：[1]上海师范大学商学院 [2]上海财经大学会计学院

出　　处：《中央财经大学学报》2018年第6期58-71,82,共15页Journal of Central University of Finance & Economics

基　　金：国家自然科学基金项目"上市公司IPO发审监管效率的研究"(项目编号:71372038);教育部人文社会科学重点研究基地重大研究项目"媒体监管下的公司财务决策行为研究"(项目编号:14JJD630010)

摘　　要：基于公司治理视角,本文考察了新闻媒体报道对公司高管薪酬的影响及其经济后果。以2007—2015年上市公司为样本,我们研究发现,媒体报道促进了高管薪酬的提升,具体表现为:媒体报道越多的公司,高管薪酬越高。进一步的分析显示,由媒体报道导致的高管超额薪酬与公司未来经营业绩显著正相关,由此证实了新闻媒体通过影响高管薪酬而作用于公司绩效的治理功能。最后,本文的研究表明,媒体报道对高管薪酬及经营业绩的影响主要通过提升公司信息透明度这一路径实现。This paper examines the impact of media coverage on the executive compensation,and its economic consequence based on the perspective of corporate governance. Using the data of listed companies from2007 to 2015,this paper finds that media coverage motives the increase of executive compensation. Specifically,when there are more media coverage on companies,their executives get higher compensation. Further analyses show that the increase of compensation by media coverage is positively correlated with the firm＇s future performance,which confirms the governance＇s function that the media coverage effect on firm＇s performance through the executive compensation. Finally,the research shows that the impact of media coverage on executive compensation and operating performance is mainly achieved through enhancing the transparency of corporate information.

关 键 词：媒体报道 高管薪酬 公司治理 经营绩效 

分 类 号：F253.7[经济管理—国民经济] F272.3