A Study On Corporate Governance Role Of The Media

Media as an important external factor of corporate governance plays an important role in the promotion of Corporate Governance.For a long time,scholars pay more attention to the supervisory role of newspapers represented by the traditional media on corporate governance,supervision and corporate governance on the role of new media research is still relatively scarce.In web.3.0 era,new media as one of the major channels for people to obtain information,the role of the media monitoring corporate governance has become increasingly prominent.To gain a more comprehensive understanding of the oversight role of the media on corporate governance,this research combined analysis of existing research results which is based on datas included in the new media.Besides,analysis on role of media in corporate governance was expanded from the theoretical basis,play path and the situation.First,the thesis analyzed the role of media monitoring mechanisms and influential factors of corporate governance,noting media played role in corporate governance from the alleviate information asymmetries,government Intervention.Next,this thesis investigated the theoretical basis of the role of media in corporate governance,and pointed out that media monitoring play a role in corporate governance through information dissemination path,the path reputation,regulatory path.Then this paper analyzed the current situation of media supervision and corporate governance,beforehand supervision and post-treatment effect of media in corporate governance,and pointed out that false media reports,suffered litigation restrict full exertion of media monitoring in corporate governance.On this basis,this study selected the companies by SFC administrative punishment during 2009 to 2015 year as a sample,empirically analyzed the role of media monitoring in corporate governance,found the ratio of media first disclosing fraud companies or questioning article accounted for 42% of the total.The media is not active afterwards,but actively plays a supervisory function.Internet media accounted for 34% of all medias,played an active oversight role.In the media monitoring impact on corporate behavior,studies have shown that media monitoring and correcting irregularities respective companies showed a significant positive correlation between media monitoring significantly increase the probability of the respective companies to correct violations.This study suggested that,to give full play to the role of media oversight of corporate governance,we need to focus on enhancing the credibility of the media,strengthening the market competition mechanism and safeguarding the rights of the media coverage,in order to promote corporate governance and correct irregularities optimization.