CAJ | 학술논문

转型经济中正式制度的失灵或低效使得媒体监督作为一种法律外替代机制在公司治理中发挥着重要作用，媒体监督能够降低外部投资者的信息不对称程度，提升公司治理效率。结合媒体监督与公司治理的耦合机理，分析了媒体监督在公司治理中对投资者保护的作用，指出媒体的信息制造功能有利于缓解公司治理中的信息不对称，从而迫使公司高管改变行为，并通过声誉机制对投资者的决策行为发挥引导作用。从媒体公信力、公司公共关系努力以及共同社会价值取向等方面总结了影响媒体监督发挥非正式治理作用的因素。结合我国实际情况分析了媒体监督所遇到的困境，并给出了提高我国媒体监督在公司治理和投资者保护中发挥作用的建议。
전형경제중정식제도적실령혹저효사득매체감독작위일충법률외체대궤제재공사치리중발휘착중요작용，매체감독능구강저외부투자자적신식불대칭정도，제승공사치리효솔。결합매체감독여공사치리적우합궤리，분석료매체감독재공사치리중대투자자보호적작용，지출매체적신식제조공능유리우완해공사치리중적신식불대칭，종이박사공사고관개변행위，병통과성예궤제대투자자적결책행위발휘인도작용。종매체공신력、공사공공관계노력이급공동사회개치취향등방면총결료영향매체감독발휘비정식치리작용적인소。결합아국실제정황분석료매체감독소우도적곤경，병급출료제고아국매체감독재공사치리화투자자보호중발휘작용적건의。
The failure or inefficiency of formal systems in transition economies make media monitoring play an important role in corporate governance as alternative mechanism laws. Media monitoring can reduce the degree of information asymmetry of outside investors and enhance the efficiency of corporate governance. Combined with the coupling mechanism of media monitoring and corporate governance, this paper analyzes the media monitoring role for the protection of investors in corporate governance and points out that the information manufacturing capabilities of media will help alleviate asymmetric information in corporate governance, which will force company executives to change their behaviors and guide the decision-making behaviors of investors by reputation mechanism. Then this paper explores the impact factors of media monitoring from aspects of credibility of the media, corporate public relations efforts, and common social values. Finally, this paper analyzes the difficulties of media monitoring combined with China’s actual situation and makes policy recommendations.