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本文针对基于媒体的公司治理效应和作用机制单变量单因素非系统性分析的不足,提出了基于利益相关者多变量多因素耦合分析的方法。从信息传播视角出发,给出媒体关注对利益相关者影响的假设,提出利益相关者的利益综合评价指标,实现了上市公司在不同情况下对利益相关者利益的保护程度和支付能力的量度,并构建了媒体关注下的利益相关者连锁反应模型。以中国A股上市公司数据为样本验证假设,实证结果表明,媒体关注对上市公司利益相关者的整体利益具有积极的影响,对股东、债权人、客户、政府等的利益调节作用较明显。不同产权性质公司,对国有企业利益相关者会产生显著的差异性影响。此外,地区市场化程度对两者之间的关系具有重要的促进作用。本文加深了媒体的公司治理效应及作用机理的认知,对上市公司治理决策的制定、利益相关者利益的保护和公司价值的实现都具有一定的导向作用。
In this paper, based on the lack of single-factor, non-systematic and univariate analysis of the corporate governance effect and mechanism of action based on media, a multi-variable and multi-factor coupling analysis based on stakeholder is proposed. From the perspective of information dissemination, given the media’s concern about the impact of stakeholders hypothesis, put forward the stakeholders comprehensive evaluation index to achieve the listed company in different situations to protect the interests of stakeholders and the ability to pay a measure, And builds a stakeholder chain reaction model under media attention. Empirical results show that the media attention has a positive impact on the overall interests of listed company stakeholders and has obvious effect on the interests of shareholders, creditors, customers and government. Different types of property rights of the company, the state-owned enterprise stakeholders will have a significant difference in the impact. In addition, the degree of regional marketization has an important role in promoting the relationship between the two. This article deepens the media’s corporate governance effects and the understanding of its mechanism of action, and plays a guiding role in the formulation of governance decisions of listed companies, the protection of the interests of stakeholders and the realization of the company’s value.