| Due to the separation of ownership and management, corporate governance issues become a hot topic in today’s academic research. Perk is a form of corporate governance issues. Using their possession of information advantage and position, management takes opportunism behavior and inspires themselves for excessive Perks, which significantly increases the agency costs, violates the interests of stakeholders and leads that enterprise cannot maximize its value. In addition, because the Perk disclosure is not mandatory, measurement is difficult, so it is not standard. These features also provide a strong protection to seek Perks for management and transfer Perks. So, the problem of perks has become a problem urgently to be solved in corporate governance, and is the starting point of research topic in this paper. For perks are mainly involved in the study of perk’s measurement and the influence factor of on-the-job consumption, with the deepening of the study, research perspective has gradually shifted from the company internal governance to external governance environment influencing perks, but they mainly concentrated in the law and the system level, rarely involved the media supervision’s influence on perks. But China’s law and the system construction are not perfect, so you can’t rely solely on the legal and institutional level control to suppress or even solve the problem of perks, and the media to flourish, to the management of the company and various reports also increased, and have strong communication effect, therefore this paper tries to explore as an external governance mechanism of media supervision role of on-the-job consumption. In addition, the present study is seldom involved in corporate governance mechanisms influence the mechanism study of perks, this article through the theoretical analysis and empirical test explored as an external governance mechanism of media supervision, as internal governance mechanism of internal control is how to influence as a corporate governance problem of on-the-job consumption, so as to clarify the mechanism of the corporate governance mechanism, to a more targeted to solve the problem of on-the-job consumption provides a train of thought. To explore the problem above, this paper firstly summarizes the current academic research, and then from the theoretical level, that is, from the principal-agent theory, media governance theory and incomplete contract theory elaborated the relationship between media supervision and perks, media supervision and the relationship between internal control and the media supervision through internal control mechanisms affect the effect of the perks. Finally, selected from2011to2013, the Shanghai and Shenzhen listed companies as samples, the two cities of descriptive statistics and regression analysis respectively, the empirical test based on the theoretical analysis to make hypothesis, to provide data and empirical support the argument of this article.Based on the above research train of thought, this paper is divided into six parts:the first part is introduction, which introduces the research background of this article, the selected topic significance, research contents, research methods and innovation points. The second part is literature review at home and abroad, summarizes the research results at home and abroad of perks and media supervision research results at home and abroad. The third part is the theoretical analysis and hypothesis, first of all to relevant theory, on the basis of further analysis and assumptions are put forward. The fourth part is the research design, including sample selection, data sources, variable design and model design. The fifth part is the empirical test, the whole sample, perks and media supervision in descriptive statistics, and how far the regression analysis and robustness testing. The sixth part is the analysis conclusion and the suggestion, on the basis of the analysis of empirical conclusions put forward the Suggestions to solve the problem of perks. |
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