Research On The Influence Of Media Supervision By Different Channels On Corporate Governance

In the contemporary era,the agency problem of company-owned enterprises has been difficult to be effectively solved.Some companies in the Chinese capital market have infringed on the interests of shareholders through financial accounting fraud,or the management has carried out "high price" on-the-job consumption,but the first to find these problems It is not the internal governance mechanism of the company,but an external subject such as the news media,such as the news media's in-depth follow-up reports on the Sanlu tainted milk powder incident,the yellow-blue kindergarten incident,and the long-lived bio-toxic vaccine incident.These are the media's binding supervision.Based on the above background,This paper uses a combination of theoretical analysis and empirical analysis,mainly studies the influence of media supervision of different channels on the agency cost of the company,in order to enrich the research of corporate governance theory,better play the role of media supervision and disclosure mechanism and reputation mechanism,and provide a new path for improving corporate governance mechanism.It has guiding significance for improving the company's management level.This paper selects the listed companies in the "HS000300" constituent stocks from 2014 to 2017 as the research sample,and uses the collected financial data of the listed companies to portray the three-level agency cost indicators and The indicators of media supervision level are respectively empirically regressed,and the influence path of media supervision on the agency cost of listed companies is considered in multiple dimensions,which provides empirical support for the research.Combined with the research results of this paper,we believe that the media as an external mechanism of corporate governance can indeed alleviate the information asymmetry between stakeholders and reduce the agency cost of the company.In addition,due to various agency relationships and different media communication channels Differences,media monitoring has different effects on agency costs.Media reports can significantly reduce the cost of the first and third types of agents,but the impact on the second type of agency costs is not significant.Moreover,due to its voice and professionalism,traditional media has a significant impact on agency costs on social media.We should form a multi-faceted interaction among the government,news media,listed companies,and information users,improve the information disclosure mechanism,combine various efforts,eliminate the bad media,and create a good public opinion environment,in order to better play the role of corporate governance in media supervision.