An Empirical Study Of The Effects Of The Media Onthe Quality Of Information Disclosure

With the increasing enthusiasm of the public to participate in the activities of the capital market,the SEC pay more attention to the quality of information disclosure of listed companies.In recent years,announcement and opinions released by SEC,standard the information disclosure of listed companies to a large extent.Information disclosure help investors,administrative regulatory agencies and the public to understand the company's financial position and operating results,management level,etc.Improve the transparency of information of listed companies,improve the quality of information disclosure,is the foundation of the stable capital market steady development.Although the existing laws and regulations regulated the process of enterprise information disclosure,but it is difficult to regulate the quality of information disclosure.The presence of private information company,make the information can't completely open to society.How to improve the transparency of information of listed companies,to improve the existing quality of information disclosure is an important aspect of developing the capital market.The company's internal governance cannot completely eliminate private information.It is important to find factors to improve the quality of corporate disclosure from the outside.In this thesis,starting from the media role in corporate governance which scholars has confirmed,research the influence of media reports on the company's information disclosure quality and all reports and negative media coverage can be divided into media reported regression respectively.In reality,under the social background and the corporate governance structure of the corporate governance,media monitoring weakened by other factors.The existence of some bias effect of local government,illegal behaviors have been exposed by medias can not be effectively specification.There are two kinds of enterprise relationship,political intervention and political connection,political interference is the important mechanism of the regulation of economic,and political connection is the way for the private enterprise to get private gain.This article from the view of political connection,study the effect of media reports improve the quality of information disclosure,demonstrate that in companies with political connection,the role of the media monitoring to improve the quality of information disclosure will be suppressed.On the basis of the correlation between information disclosure quality and media reports,then join the multiplication media monitoring and politically connection multiplied,study the political connection on the relationship between the media monitoring and information disclosure quality.The existence of political connection,make enterprise easier to access to government resources,and even the political background of executive interference in enterprise irregularities,to help enterprises reduce the cost of violation.At the same time,the political background to the identity of the executives will be supervised by national disciplinary inspection department,so may be affected by the national anti-corruption policy.From this perspective,this thesis further empirical research on before and after the anti-corruption policy,the difference effect of political connection on the relativity of the media monitoring to improve the quality of information disclosure.In addition,this thesis divided political association into two types,government officials,political association and members on behalf of the association,the empirical study of two types of political association influence the role of the media to improve the quality of information disclosure.The research content of this thesis is mainly composed of six parts:the first part,introduction.This part mainly introduce the selected topic background,research significance,and puts forward the framework of this thesis and the main content,elaborated the innovation of this thesis.The second part,the literature review.Combing the domestic and foreign information disclosure,media monitoring,political connection and its related research results,and put forward the research point of view.The third part,the theoretical basis and assumptions.Firstly,the main theory,including corporate governance theory,information economics theory,the government intervention theory and political connection.By analyzing the entrusted person information disclosure under the theory of principal-agent behavior motive,external corporate governance and the function of information disclosure under different property rights form the role of political association,put forward,the research hypothesis.The fourth part,the empirical study design.Mainly includes the empirical study of variable definition,data source and model design.The thesis takes Shenzhen stock exchange in 2010-2014 listed companies as the object of research.In this thesis,the study of data are from the information that Shenzhen stock revealed.The CSMAR database,"important newspapers full-text database in China".The fifth part,the empirical results and analysis.First of all,we use the Basic Statistics for the whole sample regression data.Secondly,from two aspects of explanatory variables and explanatory variables of information disclosure,the negative reports of media,political associated variables in the descriptive statistics analysis,and carries on the correlation analysis of all the independent variables.Test the feasibility of empirical research.On the basis of all the media reports and the negative reports to improve the quality of information disclosure,the thesis join the media monitoring and politically connected by item,the study of political association of media reports and information disclosure quality of inhibition.This thesis designed a series of robustness test to verify the regression analysis results.The sixth part,further study.Test before and after the policy change,the political association to inhibit the effect of the media supervision.Providing empirical basis for the effect of the policy.Secondly,according to executives at the nature of the political background,the political association classified as government officials and members on behalf of type two kinds,the empirical study of the different types of political impact on the media to improve the quality of information disclosure.The seventh part,the empirical analysis conclusion and the suggestion.According to the fifth part of the empirical results in this thesis,the main research conclusions,and put forward relevant policy Suggestions.Through empirical analysis concludes that media can significantly increase the probability of improving company information disclosure quality,and the media's negative reports is higher than all the media reported the significance level;Political connection has inhibitory effect to the media to improve the information disclosure quality,before the implementation of the anti-corruption policy of political connection and media monitoring by a coefficient significantly,after the anti-corruption policy,take the coefficient was not significant,showed that the anti-corruption policy effectively restrain the political associated violations of the company.Type government officials political relevance than members represent political connection inhibition of media supervision abilities is more significant.