Research On The Role Of Large Shareholders Funds And Media Governance

With the continuous development of information technology, media coverage of external governance as an important force in the company’s governance have become increasingly prominent. On the other hand, in the company’s governance structure, the major shareholder of funds used is a hot issue which concerns the development of a greater impact on the company, because our country is at a special period of economic transition, manager of market imperfections case, the effect of the different nature of the company shareholding media governance is not the same. Media governance as an important external governance factors, for the protection of the interests of minority shareholders, to promote long-term sustainable development of the company plays an important roleThis paper first reviews the relevant literature on large shareholders funds used, media governance, which found insufficient research and leads the aspects to be studied in this article. Based on the analysis theory, the paper constructs a game theory analysis model to analyze the differences between the governance role of the media in the governance of listed companies, and the nature of media in different treatment options, and given the relevant assumptions. Select a country Shanghai A-share listed companies,2010to2012years of data, and the use of the panel3sls estimation method, empirical results show that:the media treatment significantly affect the company’s major shareholders of listed funds used in the different nature of equity, the nature of the state-owned listed companies, media management significantly affect major shareholder funds used; non-state nature of listed companies, the impact of the media treatment of major shareholders funds used were not significant.To solve the above problem, given two safeguards:the funds used to restrict the behavior of large shareholders, major shareholders from the oversight of funds used to improve the board system, and strengthen the protection of minority shareholders’ point of view; give full play to the role of the media in governance, including:Increased Financial competition in the media market, establish their brand, to create a favorable market environment perspective.