Media Report And Earnings Management Of Listed Companies

In the era of information integration,with the help of the internet,modern media continue to expand its influence on the economy and society,and the media has played an increasingly important role in corporate governance.Especially since the end of the last century,with the rapid development of information technology,the structure of the media categories has undergone tremendous changes.As a social phenomenon,media reports have attracted more and more scholars' attention.In Western society,the media is often regarded as a “fourth power” independent of legislation,administration,and justice.The media has had a very important impact on information dissemination,government supervision,and corporate behavior constraints.In this paper,the research on corporate governance of media reports focuses on the earnings management behavior of listed companies.The separation of ownership and management rights of modern enterprise leads to information asymmetry,which gives managers the opportunity to use their information superiority and discretion to purposely intervene in the generation and reporting process of earnings,thereby maximizing their own interests.This is the earnings management behavior of the management.Management's earnings management mainly comes from three aspects: regulatory drivers,capital market drivers and compensation drivers.In addition to the introduction,this article is mainly composed of seven chapters.The first chapter classifies and summarizes the research literature on media reports in corporate governance,systematically sorts out the research on media reports and earnings management,and reviews the current research status.The second chapter is about media reports and the theoretical model and theoretical basis of earnings management of listed companies are expounded.The relationship between the two is discussed through the discussion of its influence mechanism.The third chapter examines the correlation between media reports and earnings management,and uses panel data.The model analyzes the correlation between media reports and earnings management in multiple levels and multiple dimensions.The fourth chapter examines the influence mechanism of media reports on earnings management from the perspective of capital market movement.The fifth chapter examines the media reports from the perspective of regulatory action.The impact mechanism of earnings management;Chapter 6 examines the impact of media reports on earnings management from the perspective of compensation;the seventh chapter is conclusions and policy recommendations.Summarize the previous research and propose relevant policy recommendations.The main conclusions of this paper are as follows:First,based on the panel data measurement model,this paper finds that the number of media reports is significantly positive with the listed company's accrued earnings management.After further dividing the media reports into positive reports and negative reports through text analysis,the positive and negative reports of the media are also significantly and positively correlated with the accrued earnings of listed companies.In addition,we discuss the relevance of media reports to the earnings management of listed companies from the perspective of industry boom.The results show that the relatively low industry sentiment,high industry sentiment will aggravate the impact of media reports on the corresponding earnings management.Secondly,based on the perspective of administrative supervision motives,we examine media reports and earnings management of listed companies.Here,we use the supervision department's announcement on the violation of listed companies as the administrative supervision motive of the management's earnings behavior.It was found that media reports were significantly positively correlated with administrative supervision,and the intermediary indicators of administrative supervision were used to finally strengthen the earnings behavior of listed companies.In other words,administrative supervision plays an intermediary role in media reporting and earnings management.Third,based on capital market motives,we examine media reports and earnings management of listed companies.Here,we represent the capital market motives of management earnings behavior with investor attention and analyst attention.The results show that media reports are significantly related to investor concerns.The increase in investor concerns has further aggravated the earnings behavior of listed companies.Investors' attention as mediating effects has had a significant impact on media reports and earnings management;media reports and analysts' attention Significant positive correlation,but media reports can not affect the earnings management through analysts' attention,that is,the mediation effect that analysts pay attention to does not exist.Finally,based on salary motives,we examine media reports and earnings management of listed companies.Here,we use monetary compensation and equity incentives to represent the compensation motives of management earnings.The results show that management monetary compensation can effectively reduce accrued earnings.In addition,for management monetary compensation incentives,the increase in pay levels reduces the impact of media coverage on two types of earnings management.That is to say,the improvement of the management's monetary compensation has enabled the management to reduce the accrued earnings operation and the real surplus operation;for the management equity incentive,the implementation of the equity incentive has increased the impact of the media report's corresponding surplus and reduced the media.Report the impact on real earnings.The implementation of equity incentives,on the one hand,makes it possible for management to change the short-term surplus distribution to make equity incentives smooth.On the other hand,equity incentives make management tend to be consistent with shareholders' interests,and reduce real earnings behavior that harms the company's long-term interests.With the diversification of media categories,it is of great research value that media reports have fully exerted external supervision on listed companies.On the basis of emphasizing the meaning of reality guidance,this paper has certain innovations in research perspective and economic mechanism.First of all,from the perspective of research,the research on media reports and the earnings behavior of listed companies,this paper divides the media reports into three levels: media reports,positive reports and negative reports.In addition,through the paper media data captured by the reading system,this article also subdivides the media reports into policy-oriented media and market-oriented media with discussing the media reports and listed companies' earnings behavior in multilevel and multiangle way so as to enrich the researches in this field.Secondly,on the economic mechanism,based on the analysis and discussion of the media reports and the earnings management of listed companies,this paper starts with the three motives of the listed company's management earnings behavior to explore the specific influence mechanism of media reports on the earnings behavior of listed companies.Unraveling the media reports is through which channels and which variables ultimately affect the earnings behavior of listed companies.This is a further refinement and deepening of the research on corporate governance effects reported by the media.