Research On The Influence Of Excess On-the-job Consumption On Financial Performance From The Perspective Of Media Supervision

At the same time as the rapid expansion and development of modern enterprises,the separation of ownership and control has attracted more and more attention.As an agency problem arising from the separation of two rights,on-the-job consumption has attracted more and more attention.At the same time,because of the continuous disclosure of corruption,related research on excess on-the-job consumption as a representative of hidden corruption is also increasing.So what kind of impact can excess on-the-job consumption have on corporate financial performance in China's current market? At the same time,the development of the Internet and mobile terminals has enabled the media to play an increasingly important role.Under the influence of media supervision,has the impact of excess on-the-job consumption on financial performance changed?In addition,manufacturing as a pillar industry of national prosperity and development is an important support for the national economy.So do the above questions exist in manufacturing companies? Based on the above problems,this paper uses the data of listed companies in manufacturing to explore based on previous studies the impact of excessive on-the-job consumption on financial performance and the mediating role of media supervision.Firstly,the research background,research plan and related literature review are discussed.Secondly,the concept of excess on-the-job consumption,financial performance and media supervision is defined.Study based on principal-agent theory,information asymmetry theory and reputation mechanism theory.This paper selects the relevant data of the variables of on-the-job consumption,excess on-the-job consumption,financial performance and media supervision of listed companies in shanghai and shenzhen A-share manufacturing industry from 2009 to 2018 as a sample of empirical research.First,the excess on-the-job consumption is calculated according to the empirical model,then the regression model is constructed by using the variables of excess on-the-job consumption and media supervision,and the empirical test is carried out.Through empirical research,it is found that :(1)The excess on-the-job consumption of enterprises has a significant negative relationship with their financial performance.Inother words,the more excessive on-the-job consumption,the lower the financial performance of the enterprise.At the same time,compared with state-owned enterprises,this negative relationship is more significant in non-state-owned enterprises.(2)The "Eight Provisions" policy effectively suppresses the excess on-the-job consumption of state-owned enterprises.(3)Media supervision can effectively regulate the negative relationship between excessive on-the-job consumption and financial performance.Compared with the state-owned enterprises,the media supervision of non-state-owned enterprises plays a more significant role.In the end,the paper re-calculates the excess on-the-job consumption and completes the robustness test by means of regression analysis,which increases the reliability of the conclusion.At the end of this paper,the results of the above-mentioned empirical study are summarized and the conclusion is drawn.On the basis of the above research,this paper puts forward some suggestions on actively adjusting the salary structure of managers,establishing and perfecting the examination and approval of on-the-job consumption,giving play to the supervisory role of the media,and trying to promote the improvement of financial performance of enterprises through these policies.