新闻报道倾向性对上市公司股东利益的影响:媒体互动的中介效应

针对近些年上市公司从"被"媒体关注到战略性"媒体倾斜"转变中媒体的公司治理动因分析不足的问题,提出了结合公司治理、信息经济学理论及媒体互动中介效应分析新闻报道倾向性对股东利益影响的内在关联性的新方法.基于中国A股上市公司财务和媒体相关数据,采用单变量多因素耦合方法,分析了倾向性报道对公司股东每股收益、净资产收益率与市净率等因素的经济压力,揭示了上市公司"媒体关联"的真正动机.研究表明:1)高强度的新闻报道倾向性有助于媒体信息中介效应的发挥,从而改善股东的利益及其与上市公司的关系;2)媒体激励作用在积极的、正面的媒体报道倾向样本中更明显;3)上市公司所在地区的高市场化程度会强化两者间的关系.在控制了宏观环境行政处罚变量后,实证结果依然显著.文章加深了对媒体的公司治理效应和关联动机的认知,有助于上市公司价值的实现及其与主要利益相关者关系的改善.

Impact of news reporting tendency on the interests of listed companies' shareholders: Mediating effect of media interaction

This article proposes the new method of intrinsic connection, which is combining the theory of corporate governance, information economics and media interaction intermediary effect. It's important to analyze news reports that influence on shareholders for insufficient analysis of corporate governance during many listed companies transition from the "by" media attention to the strategic "tilt" media in the recent years. We analyze the economic pressure of the tendency report on the factors such as earnings per share, net assets yield and book value, and reveal the real motivation of "media association" of listed companies, using the method of single variable multi-factor coupling and the related data of China's A-share listed company's financial and media. The research shows that:1) The high-intensity news reporting tendency contributes to the mediating effect of media information, thus improving the interests of shareholders and their relationship with listed companies; 2) The effect of media incentive is more obvious in positive media report tendency samples; 3) The high degree of marketization of the listed companies strengthens the relationship between them. When the variable of macro-environmental administrative penalty is controlled, the empirical results are still significant. This paper deepens the cognition of the media's corporate governance effect and associated motivation, and helps to realize the value of listed companies and improve their relationship with major stakeholders.