CAJ | 학술논문

作为重要的外部治理机制，媒体是发达的市场经济不可缺少的组成部分，对企业绩效有着重要的影响．加速了市场的“优胜劣汰”的作用。本文通过考察媒体监督影响企业绩效的机制及其三个具体途径．并选取中国快速消费品行业的上市公司样本．不仅证实了媒体监督对企业绩效影响的逻辑结论．还得出了媒体监督与企业绩效之间呈现出一定程度的U型关系。媒体监督对企业绩效的总体影响效果取决于媒体监督的经营途径效应、财务途径效应和公司治理途径效应的合力大小，本文据此给出了相应的政策建议。
작위중요적외부치리궤제，매체시발체적시장경제불가결소적조성부분，대기업적효유착중요적영향．가속료시장적“우성렬태”적작용。본문통과고찰매체감독영향기업적효적궤제급기삼개구체도경．병선취중국쾌속소비품행업적상시공사양본．불부증실료매체감독대기업적효영향적라집결론．환득출료매체감독여기업적효지간정현출일정정도적U형관계。매체감독대기업적효적총체영향효과취결우매체감독적경영도경효응、재무도경효응화공사치리도경효응적합력대소，본문거차급출료상응적정책건의。
As an important external governance mechanism, the media is an integral part of well-developed market economy, has an important impact on enterprise performance, and speeds up the survival of the fittest of the market. By examining the mechanisms of media exposure affecting firm performance and its three specific ways, and taking Chinese listed companies in fast moving consumer goods industry for example, the paper not only confirms the logical conclusion of the media exposure＇s impact on enterprise performance, but also finds that there is a certain degree of U-shaped relationship between media exposure and enterprise performance. The overall effect of media exposure on enterprise performance depends on the resultant force of the operational, financial and corporate governance ways. We accordingly gives the corresponding policy recommendations.