A Study On The Influence Of The Media Blurs For The Top Managers' Compensation Performance Sensitivity

As a part of public supervision,media plays an important role in the corporate governance,by working with the company information,the final diffusion enable the participants in the capital marker to get access to a wealth of information in time,and to a certain extent,helps to reduce the information asymmetry,supervise and restrain the behavior of corporate governance.But at the same time,media content does not reflect the objective fact of companies fairly and accurately,for the reasons of commercial interests and political factors,media contents are modified to meet the need of stakeholders,leading to the discrepancy with the fact.The impact on the capital market participants bringing by the biased reports of information should not be ignored.Based on the combination of communication studies and corporate studies,we try to explain the reason of media blurs on top managers,analyze the economic consequences,especially on the compensation of top managers.And explore the role that media palys in the corporate governance at the same time.First of all,we generalize the research achievements at home and abroad in the media analysis,clarify the blank and deficiencies of current studies.Then,we give the definition of related concepts,such as media blurs and top managers.From the perspective of communication and economics,expound the theoretical basis of this article.On this basis,the motivation of media blurs on top managers is explained by multiple regression analysis empirically,it is concluded that the motivation of media blurs on top managers is not based on the business performance,but to get advertise revenue from company,satisfy the information demands of company staff.Secondly,the following part analyzes the economic consequences resulted from the media blurs,especially the impact on executive compensation system.From the perspective of the monetary compensation and perk,we study the impacts of compensation performance sensitivity,finding that the media blurs raise the sensitivity of compensation and performance significantly.Finally,on the basis of the above findings,we put forward to suggestions and countermeasures to strengthen media supervision and improve the corporate governance.The findings on the one hand,enrich the theory of media supervision,make up for the deficiency of the previous research,on the other hand,inspire us to hold a more objective and reasonable attitude to view the role of media in the capital market.Also provide reference to improve corporate governance.