An Empirical Study On The Relationship Among Media Supervision,Internal Control And Enterprise Value In Real Estate Industry

Nowadays,the media plays an important role in the market economy.The diversified media reports,while transmitting information such as recent policies and corporate behavior,form external supervisory forces through public opinion effect and government intervention,and have recently become a hot spot in academic research at home and abroad,and its corporate governance function has also been preliminarily recognized.Among the factors that affect the development of company management,media supervision is an informal external system,while internal control is the internal governance mechanism to achieve management objectives and prevent risk fraud.With the "Basic Standards of Internal Control in Enterprises","Guidelines for Internal Control Evaluation" and related supporting guidelines The government regulatory level began to focus on improving corporate governance from the perspective of internal control evaluation.Real estate is the pillar industry of the national economy and the industry that is deeply concerned by the media.The close regulation and control policy of the country in recent years undoubtedly puts forward higher requirements for the operation and management of the industry.Under this background,this paper takes the real estate listed company as the sample,combines the internal and external management mechanism,studies the relationship between media supervision,internal control and enterprise value,and deeply discusses the intermediary role of internal control.First of all,this paper summarizes the relevant literature on the relationship between media supervision,internal control and enterprise value,and analyzes the reality of media supervision and internal control from the actual situation of the real estate industry.Secondly,based on the current research situation,combined with principal-agent theory,reputation mechanism theory and topic setting theory to explore the internal influence between media supervision,internal control and enterprise value and make assumptions,Through the use of panel data regression model and Bootstrap intermediary test model to real estate industry listed companies in 2014-2018 related data empirical analysis.The research results show that,in real estate industry:(1)There is a positive correlation between media supervision and enterprise value,and there is also a positive correlation between media supervision and internal control.The media monitoring of this paper takes into account the positive and negative content of media reports,so,the above conclusions also show that the enterprises' related media reports more tend to be positive,the better their internal control construction level,the higher the value of enterprises.(2)There are differences in the role of media supervision of different subject types,and the ratio of the number of policy-oriented and market-oriented media reports has no significant relationship with the value of the enterprise,and is positively related to internal control.(3)The internal control can play a complementary mediation effect in the relationship between media supervision and enterprise value.At the end of the paper,according to the current situation analysis and empirical conclusion,it is proposed that the real estate industry should pay attention to the frequent links of internal control defects,improve the internal control design;improve the control environment through the combination of internal and external supervision mechanism;and actively disclose the specific improvement measures of internal control.At the same time,put forward some suggestions which includes the supervision of the true independence of media reports;guide the depth and diversity of media reports;strengthen the role of different reporting subjects to improve the media governance effect.