媒体评选“明星高管”具有改善公司绩效的作用吗?  

Does the Media Selection of "Star Executives" Have a Role in Improving Corporate Performance?

作　　者：刘江会[1] 顾雪芹 王海之 

机构地区：[1]上海师范大学商学院,上海200234 [2]上海社会科学院世界经济研究所,上海2000203 [3]Stuart School of Business,Illinois Institute of Technology,chicagoil60616

出　　处：《证券市场导报》2019年第3期34-42,共9页Securities Market Herald

基　　金：国家自然基金"我国上市公司透明度空间分布的非均衡性及其传染性问题研究"(71573178);国家自然基金"中国上市公司股票回购时机研究"(71373162)

摘　　要：本文以主流财经媒体评选"明星高管"的数据资料,以当选"明星高管"所在公司和其匹配公司为样本,采用双重差分模型研究了公司高管当选"明星高管"对公司业绩的影响。研究发现,在控制其他因素后,媒体评选明星高管对公司业绩的影响具有时效性,公司高管当选"明星高管"后,在第一年内对公司业绩有促进作用,但第二年这种效用并不明显。除此之外,媒体评选"明星高管"对当选高管公司业绩的影响还与公司的异质性相关。研究结果显示媒体评选"明星高管"的公司治理作用,不像以往研究所证实的媒体"负面报道"的公司治理作用大。因此,从更好地发挥公司治理作用的角度而言,媒体的角色更多地应该定位于公司高管的外部"监督者",而不是定位于公司高管的"追捧者"。同时,公司高管热衷于在媒体"抛头露面",长期来看对公司业绩的改善并不一定有太多的正面意义,对国企和传统行业企业的高管而言更是如此。Based on data from mainstream financial media’s selection of “star executives”, this article uses the companies having “star executives” and their matching companies as samples, and makes a double difference model to study the influence of the company's senior executives elected as “star executives” on company performance. The study finds that, after controlling for other factors, the companies’ senior executives elected as “star executives” can promote the performance of these companies in the first year, but this effect is not obvious in the second year. In addition, the impact of media selection of “star executives” on the performance of elected executives’ companies is not only time-sensitive, but also related to the heterogeneity of the companies. The results of this study in this paper show that the role of corporate governance in the selection of “star executives” by the media is not as effective as the “negative reporting” by the media as confirmed by previous studies. Therefore, from the perspective of media playing better role in corporate governance, media should be more oriented to the external "supervisors" of the company's executives than to the "admirers" of company executives. At the same time, for corporate executives, the enthusiasm of the media for “showing the appearance” does not necessarily have much positive significance for improving the performance of their companies in the long run.

关 键 词：媒体评选 明星高管 公司业绩 倾向得分匹配 

分 类 号：F832.5[经济管理—金融学]