Research On The Influence Of Media Foucs And Internal Control On Corporate Value

With the coming of the Internet Age,news media is given a new mission.The function of media focus has been gradually recognized by the public and the state.The understanding of the impact of media focus and its impact mechanism is an important basis for further standardizing the development of the media industry and promoting the transformation and integration of traditional media and network media.In addition,internal control is highly valued as an important means of internal governance.The value creation function is gradually becoming the research focus of corporate governance,understanding the mechanism of the internal and external governance's influence on corporate value is the important foundation of making good use of the value creation function of corporate governance.On the basis of defining the basic concepts of media focus,internal control and company value,this thesis,based on the theory of game theory,principal-agent theory,asymmetric information theory,diminishing marginal utility theory and stakeholder theory,analyzes the relationship among media focus,internal control and company value,by means of literature research,deductive reasoning and mathematical modeling,and put forward the research hypotheses.Through the CSMAR news database,this thesis collects about 1200000 news reports in the past 8 years.And,with some statistical work from the aspect of time and news source,this thesis constructs the media focus index corresponding to the ID of the listed companies.Based on the data of the internal control database and other related data of Wind database,a balanced panel data of 13532 observations in the past 8 years is constructed.Considering that media focus and corporate value,media focus and internal control may have serious endogenous problems,this thesis adopts IV-2SLS estimation method and takes media focus as endogenous explanatory variables to construct reasonable instrumental variables.According to the results of multiple collinearity test,unit root test,heteroscedasticity test,LSDV test and Houseman test,the “OLS+ robust standard error” regression method and the regression strategy of fixed panel effect are selected.The study shows that media focus has a significant promoting effect on company value,and its influence mode obeys the law of diminishing marginal utility.The mediating effect of internal control is significant,and media focus ultimately improves the company value by promoting the level of internal control.And media focus and internal control promote the value of the company.In the process of influence,there is an alternative effect between media focus and internal control.The promotion of either side will weaken the influence of the other side to the company value to a certain extent.The degree of the influence of market-oriented media focus on corporate value is higher than that of policy-oriented media,and the degree of the influence of policy-oriented media focus on corporate value is higher than that of Internet media.The innovative points of this thesis: First,there are few studies on relation between media focus and corporate value,and endogenous problem is not concerned.Thus,IV-2SLS estimation is used to select appropriate tool variables to avoid serious impact of endogenous problems.Secondly,in the mechanism analysis of the impact of media focus on corporate value,this thesis combines the characteristics of information transmission effect with the media governance motivation model.Based on mathematical function,this thesis finds that the influence of media focus on company value obeys the law of diminishing marginal utility,and empirically examines the existence of this phenomenon.