网络媒体报道对公司现金股利政策的影响研究——基于管理者逐利短视视角的考察  

The Influence of Network Media Coverage on Corporate Dividend Policy:Analysis Based on the Short-sighted View of Managers Seeking Profits

作　　者：陈俊杰 王亚男 钟昌标 CHEN Junjie;WANG Yanan;ZHONG Changbiao(School of Economics and Management,Huzhou College,Huzhou 313002,China;School of Economics and Management,Guangdong University of Petrochemical Technology,Maoming 525000,China;School of Economics,Yunnan University of Finance and Economics,Kunming 650221,China)

机构地区：[1]湖州学院经济管理学院,浙江湖州313002 [2]广东石油化工学院经济管理学院,广东茂名525000 [3]云南财经大学经济学院,云南昆明650221

出　　处：《南京财经大学学报》2023年第5期47-58,共12页Journal of Nanjing University of Finance and Economics

基　　金：国家社会科学基金项目“新基建促进区域协调发展的长效机制研究”(22&ZD111);国家自然科学基金项目“中国企业技术创新的竞争优势研究”(71962036)。

摘　　要：作为代替司法保护不足的重要手段,媒体所发挥的公司治理作用一直是学界关注的热点。采用2008—2019年我国A股上市公司年度数据,基于管理者逐利短视视角实证研究了网络媒体报道对公司现金股利支付的影响,并进一步探讨了作用路径及作用条件。研究发现,网络媒体报道,尤其是非负面报道能替代现金股利发挥治理改善作用,表现为网络媒体报道显著降低了公司现金股利支付水平;作用路径分析表明,上述治理替代效应主要通过遏制激进避税和缓解长期投资不足等逐利短视行为得以实现;异质性分析进一步揭示,相比融资约束高、高管薪酬差距大、数字化转型快、内部控制水平低的公司,网络媒体报道对融资约束低、高管薪酬差距小、数字化转型慢、内部控制水平高的公司的现金股利支付发挥了更强的治理替代作用。研究结果为政府政策制定、媒体行业监管及公司治理改善提供一定启示。As an important substitution for the lack of judicial protection,the corporate governance role of the media has always been a topic of intense interest in academic circles.Based on the profit-seeking and short-sighted perspective of managers,this paper takes A-share listed companies in Shanghai and Shenzhen from 2008 to 2019 as samples and conducts theoretical and empirical analyses on the impact of network media reports on corporate cash dividend payment;it further discusses the action path and conditions.The results show that network media reports,especially non-negative reports,can significantly reduce the level of corporate cash dividend payments.Network media reports mainly affect the level of cash dividend payments by curbing aggressive tax avoidance and alleviating short-term profit-seeking behaviors such as long-term underinvestment.Heterogeneity analysis shows that,compared with companies with high financing constraints,a wide executive pay gap,a high degree of digital transformation,and a low level of internal control,network media reports play a stronger role in governance replacement for cash dividend payment of companies with low financing constraints,a narrow internal executive pay gap,a low degree of digital transformation,and a high level of internal control.The research results provide some enlightenment for government policy making,media industry regulation,and corporate governance improvement.

关 键 词：网络媒体 股利政策 逐利短视行为 激进避税 长期投资不足 

分 类 号：F275.6[经济管理—企业管理]