| Joint-stock companies experienced a survival of the fittest form of company system,since the development of modern enterprises.Joint-stock companies do have higher operating efficiency,however,due to the separation of ownership and management,the principal-agency relationship now has become an important offshoot of modern management science,which led to serious acting problems,that has become the focus of academic study areas.How to solve the principal-agent relationship between the two sides caused by conflict of interest focus of agency costs problem is the core area of scholars ' research,many scholars in optimizing corporate governance and improve the incentive mechanism for managers and other aspects of the proposal.These measures have a positive effect,but with the economic development,the listed company's external environment increasingly complex,increasingly fierce market competition,only through the optimization of company's internal governance structure cannot have a good effect on agency problems,so look for external governance and oversight powers to solve the agency is now addressing the issue of agency costs a new idea.In Western countries,the media has been considered to be independent of the judicial,legislative and executive powers of "fourth rights",external to the corporate governance role of the media very early Western scholars to explore their oversight role of the media in the external market,to give a positive,and in countries in transition,and active role of the media is more obvious.Under the existing legal environment in China,with the development of the media in exposing the company issues,anti-corruption and more brilliant performance outside the market to carry out independent monitoring of the media attention by scholars.Media,through the wide range of mining,processing and dissemination of information,between business stakeholders and managers can reduce the degree of asymmetry of information,enable shareholders and investors to obtain more information and make sound investment decisions.In addition,public opinion effect caused by the media can also trigger market mechanisms,so that management is under pressure to reduce misconduct,media exposure can also cause intervention of the administrative supervision and management departments,and enterprise administrative pressure to correct violations.Through these mechanisms,the media can achieve the effect of reducing company costs.But thanks to advances in technology and the popularization of network,media channels to improve,enrich the types,in addition to four traditional media of past classification,the rise of online media,has now become an important media.This paper distinguishes between media types,taking into account the influence of network media,the media into online media,policy-oriented and market-oriented media,with a view to better understanding the effects of various types of media mechanism and its effects on agency cost.2010-2013 on a-share listed companies in Shanghai stock market research sample,empirical tests of the media attention,the relationship between media types and agency costs.Empirical results show that the increased media attention will reduce the cost of company's agents.Different media have different effects.Network media can significantly reduce agency costs,but market-oriented media and policy-oriented media agency costs and no significant impact on the total sample.Given the different nature of the property rights,this study and group tests on State-owned and non-State-owned enterprises,results of State-owned enterprises for policy-oriented media agency costs significantly reduced,market-oriented media agency costs of non-State-owned enterprises has decreased significantly.Therefore,this paper argues that the media can be used as a means of external corporate governance to reduce agency costs,and we should make use of different types of media to make it fully play its oversight role,improve the efficiency of corporate governance. |
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