Audit Opinions、Media Coverage And Corporate Performance

At present,China is in the period of economic transformation,and the weak market has made the improvement of corporate performance a major problem.The improvement of traditional internal corporate governance and the adjustment of business method strategy have made the corporate's performance steadily improve in the past few decades.Now it is difficult to break through the bottleneck of the corporate's performance improvement still relying on them.It is urgent to seek the external corporate governance mechanism to improve corporate performance.In addition,China's capital market started late,and various supervision policies were not perfect.Entrusted agency contracts and information asymmetry gave management the erosion of corporate performance,so investors' rights and interests could not be effectively protected.Independent auditing and media coverage,as important regulatory force in the capital market,play the role of information authentication and information dissemination in the capital market,which can reduce information asymmetry,alleviate the problem of principalagent,and become important channels for stakeholders to obtain real information of the corporate.And they can directly monitor the behavior of listed companies and become two important external corporate governance mechanisms.The difference is that audit opinions are mature and formal external corporate governance mechanisms,and media coverage are emerging and informal external corporate governance mechanisms.Whether the two can play a governance role in China during the transition period,whether the media coverage and audit opinions have different degrees of influence on the performance of the corporate,and how the interaction between the two will affect the corporate's performance is worthy of further investigation.Because the signals released by media coverage of different attitudes are different,the direction and degree of stimulation to stakeholders are different.Therefore,the research on positive media coverage and negative reports is further divided,and the governance and regulation of media coverage of different attitudes are analyzed.Through the review of relevant literatures such as corporate performance,audit opinions,media coverage,relying on the principal information theory,principal-agent theory and the theory of corporate reputation and stakeholders.The 2013-2016 A-share listed companies in China were selected as research samples to empirically study the influence of media coverage,audit opinions and corporate performance,and examined the effects of the two external supervision mechanisms and the interaction between the two.The study found that standard unqualified audit opinions can promote the company's performance improvement;positive media coverage are positively related to corporate performance,the more positive media coverage,the stronger the promotion of corporate performance,and the negative media coverage are negatively correlated with corporate performance,the more negative media coverage,the greater the negative effect on corporate performance.Positive media coverage and standard unqualified audit opinions can produce certain synergies,positively adjust the relationship between audit opinions and corporate performance,but this effect is not significant;and negative media coverage and standard unqualified audit opinions can produce information differences.The increase in the number of negative media coverage has significantly negatively adjusted the relationship between standard unqualified audit opinions and corporate performance.Further research found that,compared with stateowned enterprises,positive media coverage have a stronger positive adjustment effect on non-state-owned corporate's audit opinions and corporate performance;negative media coverage have a weaker negative effect on non-state-owned corporate's audit opinions and corporate performance.Finally,according to the research conclusions,proposes countermeasures to administrative regulatory agencies,investors and listed companies to improve the capital market supervision environment,protect investor rights and improve corporate performance.