| On-the-job consumption is a reasonable and necessary expenditure borne by the company while executives reasonably exercise their functions and powers according to the company's system and satisfy their own utility.The on-the-job consumption enjoyed by senior managers within a reasonable range can have an important impact on reducing the production cost,improving the efficiency of corporate governance and creating the value of the company,while excessive on-the-job consumption will increase the production cost,waste enterprise resources and damage the value of the company.The effectiveness of internal control refers to the degree to which the company's objectives can be achieved through the establishment and effective implementation of the company's internal control system.On the one hand,the effectiveness of internal control can reasonably assess and effectively prevent risks and reduce transaction costs;on the other hand,for the company,the effectiveness of internal control can also comprehensively monitor the behavior of senior managers,restrain and balance their improper behavior,which is conducive to the reduction of transaction costs and the scientific formulation of investment decisions.Under the background of slow market economy development and imperfect market economy development system,media supervision,as an effective supplementary mechanism of external governance mechanism such as law,plays the role of public opinion guidance and supervision,can improve the information asymmetry between enterprise executives and shareholders,help to improve the quality of company information disclosure and market information transparency,and protect the interests of investors.We will im prove the investor protection system and promote the normal operation of the capital market.Under the background of the "Eight Provisions" of the central government,based on the role of media governance,this paper studies the impact of internal control effectiveness on the excessive on-the-job consumption of executives from the perspective of media supervision.This paper takes the data of A-share state-owned listed companies from 2013 to 2017 for five consecutive years as the research sample.Among them,the effectiveness of internal control is the internal control index issued by Dibo Company;media supervision is the selection of eight major newspapers with authoritative representatives in HowNet's "Ch ina Important Newspaper Full-Text Database",which collects and collates the number of negative media reports manually according to the optimal negative keywords,as an alternative variable of media supervision;other data is taken from WIND and CSMAR databases.On the basis of theoretical analysis and existing research,regression model is established and linear regression analysis is carried out.Empirical research found that:(1)the effectiveness of internal control and excessive on-the-job consumption of executives are significantly negatively correlated.The more effective the internal control system is,the more effective it is to supervise the daily managemen t activities of executives,restrain their improper behavior and give full play to their internal governance functions;(2)media supervision is negatively related to the excessive on-the-job consumption of executives.Whether market-oriented media supervision or policy-oriented media supervision has a significant negative correlation with the excessive on-the-job consumption of executives.Media supervision plays its role of external supervision in corporate governance,and it is also a more effective governance mechanism.(3)Media supervision plays a moderating role in the relationship between the effectiveness of internal control and the excessive on-the-job consumption of executives,and this moderating role is significant.Policy-oriented media supervision and market-oriented media supervision can both enhance the effectiven ess of internal control and inhibit the excessive on-the-j ob consumption of executives. |
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