Research On The Supervision Effectiveness Of Designated Media And Non-designated Media In My Country's A-share Market

With the rapid development of capital market in China,the supervision of state regulators is not perfect.The formulation of relevant laws and regulations often makes the public lose confidence and can not adapt to its rapid development mode.As a supplementary means of capital market supervision,there have been many studies on the effectiveness of media supervision.However,whether the effectiveness of media supervision in China is effective or not has not been decided yet,which still needs further study and analysis.This paper divides the media into designated media and non-designated media.Through comparative analysis,it illustrates the differences of the roles played by different media in China's capital market.Starting from the relationship between media attention and earnings management level of listed companies,this paper takes listed companies in A-share market in China from 2014 to 2016 as research samples,chooses financial indicators and governance indicators as control variables,and makes an analysis of whether media supervision is effective,whether different media supervision is effective or not,and the lag of media supervision.This paper consists of six parts: introduction,research status at home and abroad,theoretical analysis of media supervision,research design,empirical analysis results and conclusions.Firstly,the paper points out the significance and background of the proposition,and analyses the research results of scholars at home and abroad.Through literature review,this paper explores the supervisory effect of media in corporate governance.The media can supervise the company through traditional supervisory mechanism,reputation supervisory mechanism and market pressure mechanism,which provides ideas guidance and literature basis for the follow-up study.Secondly,based on the definition of media,media supervision,earnings management and other concepts,this paper introduces the theory of information asymmetry to explain the effectiveness of media supervision,which provides a theoretical basis for the construction of follow-up research model and empirical analysis.Thirdly,based on the sample of A-share listed companies in China from 2014 to 2016,combined with the relationship between media supervision and earnings management,descriptive statistical analysis,correlation analysis and regression analysis are carried out on the degree of attention and earnings management of listed companies by designated media and non-designated media respectively.At the same time,we test the robustness of the empirical results,and draw the conclusion that:(1)media supervision has a restraining effect on earnings management of listed companies.Furthermore,the effectiveness of non-formulated media supervision is better than that of designated media.At the same time,there is no lag between the effectiveness of designated media and non-designated media supervision of listed companies.Finally,according to the analysis results,in China's capital market,the media can act as a supervisor to restrain the earnings manipulation of listed companies,reduce the degree of information asymmetry in the stock market,and protect the legitimate rights and interests of small and medium investors.This study provides a theoretical reference for the application of behavior supervision,related policy formulation and media external governance of Listed Companies in China's capital market.