Market Reaction And Performance Impact Of Corporate Bribery From Media Coverage

China's private companies as an important pillar of the national economy,the improvement and perfection of its corporate governance level not only directly affects the overall quality of listed companies to upgrade,but also related to the long-term stable and healthy development of the capital market.Due to private companies corporate governance level is generally low,coupled with the legal system is not perfect,regulatory inefficiency and other issues,the bribery as a means of unfair competition has become an unspoken rule in many industries and fields,to bring bad consequences to the enterprise,society and country.However,due to the occurrence of bribery is very secret,the company rarely voluntarily disclosed,it is difficult to obtain public data,so the media coverage become the main source of information to understand the company's bribery.In recent years,the media reported that the political and legal authorities investigate and deal with the company's bribery cases in an endless stream,media supervision has become an important part of the current anti-corruption form of social supervision.Negative media coverage on the company caused widespread concern in the community,has the governance function to the company,so further enlarge the negative effect of company bribery,and have an important impact on the market reaction and operating performance.Based on the above aspects,this paper launches the research to provide evidence for the governance role of the media,at the same time,from the consequences of the seriousness of the company to eliminate the motivation of bribery,and promote the company's legitimate business.In addition,this paper also according to the type of media coverage respectively test factual coverage and questioned coverage in the economic consequences of differences,in order to better guide the media to improve the objective reality,and the management of the enterprise and external stakeholders and securities regulatory decisions has a certain reference value.Two research methods of normative analysis and empirical test is used in this paper.In terms of normative analysis,not only to define the relevant concept,summarize the related literature at home and abroad,and puts forward the research hypothesis based on correlation theory.In the empirical research,on the one hand,using event study method to investigate the capital market's response to media coverage company bribery,the results show that the media coverage of bribery has negative market reaction,and although during the window period questioned samples and factual samples has negative response,but only questioned samples T test value is significant.On the other hand,the private listed companies that are reported to be 2006-2015 years of bribery were selected as the research objects,and the empirical model was established to verify the impact of media coverage company's bribery on the operating performance.Regression results show that after media coverage company bribery,the company's operating performance will decline,in addition by comparing questioned samples and factual samples empirical results can be found,only questioned samples will make the company's operating performance decline.According to the research conclusion,put forward some reasonable suggestions: the company should strengthen the construction of social responsibility,enhance the moral responsibility consciousness,curb and far away from the bribery.The company also should have a correct understanding of the role of media supervision,strengthen communication with the media,and timely prevention and response the risk of reputation.As the media,should enhance their own credibility,adhere to the objective independence of the coverage,carefully coverage,reduce false coverage,improve the coverage of the information content,to avoid false coverage has adverse effects to the company.The government and relevant departments should intensify the crackdown on bribery and let the power of transparency,at the same time to strengthen the constraints of corporate social responsibility and supervision,and on the basis of clarify the legal status of media supervision to strengthen the supervision and guidance of the media,ensuring the healthy development of the media industry and capital market.