Media Attention,Internal Control Information Disclosure Quality And Listed Company Performance Volatility

With the rapid development of China's capital market,the degree of market competition has become increasingly fierce.For enterprises,they should not only be concerned about the merits and demerits of corporate performance,but also should pay attention to the performance fluctuations of enterprises.Higher performance volatility means high risks.Not only will it affect the current business situation of the company,but it will also cause investors' panic and affect their investment behavior and affect the long-term development of the company.Therefore,paying attention to performance volatility is very important for enterprises and stakeholders.At the same time,the media's attention to the governance role of enterprises has been recognized by the majority of scholars,and the ways and means of exerting governance have been correspondingly concluded,but the media's attention to the impact of performance volatility is rarely studied by scholars.In addition,as China continues to advance the process of information disclosure system construction,the conclusion that the quality of information disclosure has helped to stabilize the business operation has been verified by many scholars,and internal control can act on the management tools of each business link of the enterprise.What is the important role of controlling the quality of information disclosure on the volatility of corporate performance?Based on the analysis of related literatures at home and abroad,this paper takes Shanghai and Shenzhen A-share listed companies as samples,and uses the data samples of 5 years from 2013 to 2017 to propose the hypothesis,establish models and empirical test analysis and relevant data,from performance fluctuations.The first step is to study the role of media attention to performance volatility.The second step is to introduce the quality of internal control information disclosure and study its effect on performance volatility.The third step is to study whether the quality of internal control information disclosure is There is a regulatory effect on the relationship between the two in the first step.In order to ensure the stability and consistency of the empirical results,this paper chooses ROE of net assets as a surrogate index to measure the volatility of corporate performance,and obtains the following conclusions:(1)The media pays attention to the performance volatility of listed companies in China.Positive impact.(2)The performance fluctuation of listed companies in China decreased with the improvement of the quality of internal control information disclosure.(3)The quality of internal control information disclosure has a negative adjustment effect in Model 3-3,which can weaken the effect of media attention on performance volatility.According to the above conclusions,this paper puts forward specific suggestions from three aspects: improving the emphasis on performance volatility,improving the media industry supervision system,and improving the quality of internal control information disclosure.It guides the steady development of the media industry in China and guides the internal control information of listed companies in China.The direction of the deepening of the disclosure system is of great significance.