CAJ | 학술논문

本文以违规公司为样本，研究了媒体为什么会报道上市公司丑闻。研究发现，在我国资本市场，媒体发挥了一定的监督职能，一般表现为在处罚公告公布前，媒体已经深入报道了其中24．7％的样本的违规行为；但另一方面，媒体的监督却又显得比较有限，这表现在媒体自身发掘有价值新闻的数量非常有限，媒体更多的是对市场已有信息的收集、整理、加工与重新包装。进一步的研究发现，反映市场关注度的媒体覆盖率对媒体报道上市公司丑闻的行为影响显著，这说明媒体总是热衷于关注那些“明星公司”或热点新闻，媒体具有追求轰动效应的倾向。政府对媒体报道的影响只有在一定条件下才会成立，具体来说就是，只有终极控制人为国有时，会对媒体报道丑闻产生显著影响；在市场关注度较低的条件下，终极控制人国有的性质会对媒体报道影响显著，这是因为在市场关注度较低的条件下，政府影响媒体给其带来的声誉损失也相对较低。
본문이위규공사위양본，연구료매체위십요회보도상시공사축문。연구발현，재아국자본시장，매체발휘료일정적감독직능，일반표현위재처벌공고공포전，매체이경심입보도료기중24．7％적양본적위규행위；단령일방면，매체적감독각우현득비교유한，저표현재매체자신발굴유개치신문적수량비상유한，매체경다적시대시장이유신식적수집、정리、가공여중신포장。진일보적연구발현，반영시장관주도적매체복개솔대매체보도상시공사축문적행위영향현저，저설명매체총시열충우관주나사“명성공사”혹열점신문，매체구유추구굉동효응적경향。정부대매체보도적영향지유재일정조건하재회성립，구체래설취시，지유종겁공제인위국유시，회대매체보도축문산생현저영향；재시장관주도교저적조건하，종겁공제인국유적성질회대매체보도영향현저，저시인위재시장관주도교저적조건하，정부영향매체급기대래적성예손실야상대교저。
Using the sample of non-compliance listed companies, this paper investigated why media would report their scandals. Our investigation shows that there is a definite monitoring role of the media in China capital market because media has reported 24.7% the violations before punishment announcements. But the supervision of media is relatively limited, as the mount of valuable news independently discovered by media itself is limited, media only plays roles in collecting, settling information, and repacking information which is already available. Further study shows that media coverage which indicates market attentions has significant impact on the behavior of reporting listed companies＇ scandals. This illustrates media＇s tendency of focusing on the star companies, hot news and sensationalism. The impact of government on the media can be established only under certain conditions, specifically, only when the ultimate shareholder is the state, government will apply strong impact on the media＇s reporting of scandals. When the market attention is relatively low, the state-owned-nature of the ultimate shareholder significantly affects reports from the media, as under this condition, government suffers less reputation damage from affecting the media.