CAJ | 학술논문

借助一个独特的样本，本文实证分析了我国媒体的公司治理作用，证实媒体在完善公司治理水平、保护投资者权益方面具有积极作用。随着媒体曝光数量的增加，上市公司改正违规行为的概率也随之提高。通过对媒体不同特征的分类，本文发现，相对于政策导向性媒体，市场导向性媒体具有更加积极的治理作用；深度报道以及曝光内容涉及对投资者构成严重侵害的报道也表现出显著的治理效果。进一步的研究表明，我国媒体公司治理作用的发挥是通过引起相关行政机构的介入实现的。这一发现符合行政治理文献的一般原理，也为行政治理理论在转型国家的有效性提供了一份新的经验证据。本文不仅拓展了文献对媒体在转型国家发挥治理作用机制的认识，也为转型国家如何充分发挥媒体的治理作用提供了政策建议。
차조일개독특적양본，본문실증분석료아국매체적공사치리작용，증실매체재완선공사치리수평、보호투자자권익방면구유적겁작용。수착매체폭광수량적증가，상시공사개정위규행위적개솔야수지제고。통과대매체불동특정적분류，본문발현，상대우정책도향성매체，시장도향성매체구유경가적겁적치리작용；심도보도이급폭광내용섭급대투자자구성엄중침해적보도야표현출현저적치리효과。진일보적연구표명，아국매체공사치리작용적발휘시통과인기상관행정궤구적개입실현적。저일발현부합행정치리문헌적일반원리，야위행정치리이론재전형국가적유효성제공료일빈신적경험증거。본문불부탁전료문헌대매체재전형국가발휘치리작용궤제적인식，야위전형국가여하충분발휘매체적치리작용제공료정책건의。
Using a unique sample, we empirically test the corporate governance role of the media in China. Results indicate that the media takes a positive part in improving corporate governance and protecting minority shareholders. The probability for listed companies to redress violations of corporate governance increases as the number of media exposure climbs. Interestingly, we find that politically-oriented media has greater influence over the firms violating govemance rules than the commercially - oriented ones do. Besides, coverage with continuation and coverage with comments both exhibit better governance effects. We further investigate the mechanism under which the media shape its governance role in China. Evidence shows that the basic mechanism is the involvement of administrative organizations, which is motivated by the media exposure of governance violations of the listed finns. This finding is in line with the literature of administrative governance, and meanwhile provides empirical evidence supporting the effectiveness of administrative governance mechanisms in the transitional economies. Our paper provides new foundation for understanding the mechanisms that shape the corporate governance role of the media and advice on how to make the most use of governance role of media in the transitional economies.