CAJ | 학술논문

本文基于“大数据”背景下媒体曝光视角，以2008—2012年间的A股上市公司为主要研究对象，探讨大众媒体的公司治理职能的有效性，实证检验了媒体治理职能的作用机制。研究结果表明，媒体曝光能够显著提升上市公司的信息透明度，而信息透明度的提高能够进一步降低两类委托代理成本，从而缓解股东与管理层以及大股东与中小投资者之间的利益冲突。大众媒体以提升企业信息透明度为作用机制，发挥着积极的公司治理职能。相对应的，监管部门应该借助“大数据”背景下媒体发展的契机，合理运用信息报道规模性、多样性、实时性和价值性特征，充分发挥媒体的公司治理职能。
본문기우“대수거”배경하매체폭광시각，이2008—2012년간적A고상시공사위주요연구대상，탐토대음매체적공사치리직능적유효성，실증검험료매체치리직능적작용궤제。연구결과표명，매체폭광능구현저제승상시공사적신식투명도，이신식투명도적제고능구진일보강저량류위탁대리성본，종이완해고동여관리층이급대고동여중소투자자지간적이익충돌。대음매체이제승기업신식투명도위작용궤제，발휘착적겁적공사치리직능。상대응적，감관부문응해차조“대수거”배경하매체발전적계궤，합리운용신식보도규모성、다양성、실시성화개치성특정，충분발휘매체적공사치리직능。
Taking the listed companies from 2008 to 2012 as the main object of the study, this paper studies the effectiveness and the mechanisms of corporate governance of the mass media in the age of ＂big data. ＂ The results showed that media exposure can significantly improve the transparency of listed companies, and the improvement of the transparency can further reduce the agency costs and ease the conflict of interests between shareholders and management as well as outsider investors. By enhancing information transparency, media plays an active corporate governance function. Correspondingly, the regulatory authorities should make use of the opportunity of media development in the age of ＂big data＂ and give full play to the functions of the media＇s corporate governance.