An Empirical Analysis Of The Impact Of Media Supervision On Executive Compensation In Listed Companies

In recent years,the company executive pay has been the focus of social concern.There are news reports about "high pay" and "over remuneration" for executives in listed companies,both in online media and in newspapers and magazines.According to China Securities Network reported that in 2014,the listed company executives received a total of nearly 14.6 billion yuan of pay,an increase of 8.9%,the majority of listed companies executives pay rise.It is noteworthy that the 2014 listed company "poor temple rich abbot"-that is,the company's performance decline,executive pay is still rising situation still exists.Shanghai Stock Exchange and Shenzhen Stock Exchange a total of XingHua shares,Luan ring,GuangYu development and other 16 listed companies executive pay 100%increase,but the company's performance has declined.The media has the function of collecting,editing,processing and transmitting information.The media reports can reduce the degree of information asymmetry and act as the intermediary of the information market.The media sends the original information to the society according to the requirements of the news reports.In fact,the media as a reflection of social public opinion and to express social emotions of the window,the news reported the cohesion of the public concern,to a certain extent,to curb unfair and unjust behavior.Media supervision is considered to be an important institutional arrangement to replace the lack of judicial protection in society,thus promoting the relevant legal system and corporate governance,governance system improvement.The reason why the media can manage the improper and unlawful behavior of the listed company is that it brings the pressure of public opinion to the relevant manager through the information dissemination,so that it can take appropriate measures to improve its behavior,thus playing the role of media supervision.Relevant media every year on the listed company executives pay analysis,comparison and ranking,and analysis of development trends and changes in causes,causing widespread public concern.About media reports,the existing literature on correct violation behavior,the company can focus on media reports in this article,through the media into total coverage and negative reports,respectively to study the effect of media supervision on executive pay;And the difference between monopoly and the monopoly under the premise of the negative reports whether a more significant influence on a monopoly on executive pay.This article selects 2013-2015,the Chinese hownet "Important Newspaper Database"in the reports of executive compensation of listed companies as samples,and constructs the evaluation index system of media supervision.After analyzing the main variables and analyzing the correlation,this paper controls the variables such as company performance,company size and executive share ratio,and uses the measurement software to test the effect of media supervision on executive compensation.The total sample is divided into Monopoly and non-monopoly of the sub-sample,research media negative reports on the impact of whether there is a difference between the two,and in the final part of the empirical done a robust test.First of all,this paper mainly introduces the research background and purpose,research content and methods,technical route and possible innovation and shortcomings.At the same time,the definition of relevant concepts,a systematic review and summary of media supervision and media coverage of the impact of executive compensation related literature.Secondly,the author puts forward three hypotheses:First,the more the total number of media reports,the higher the decline in executive pay;Second,relative to the media non-negative reports,the media reported more negative,the greater the decline in executive pay;Third,relative to non-monopoly enterprises,the media negative reports on the monopoly of executives pay more significant impact.Then,determine the study samples,data sources and screening criteria,variable definitions and model building.Finally,the empirical test and the descriptive statistics,the correlation test and the regression analysis are carried out to test the hypothesis of the media report type and the influence of the monopoly and the non-monopoly enterprise on the executive compensation.The results of the study,and thus put forward the relevant recommendations.The main conclusions of this paper are as follows:(1)The higher the number of media reports,the greater the decline in executive pay.(2)Relative to the media non-negative reports,the media reported more negative,the greater the decline in executive pay.(3)Negative coverage of the media on the monopoly of executive compensation is more significant.