Research On The Governance Effect Of Media Attention On The Cost Stickiness Of Companies

He 2015,China has gradually implemented and actively promoted the supply side structural reform,"three removal,one reduction and one compensation" is an important goal and requirement of China's supply side structural reform,in which "reduction" means "cost reduction".At present,there are many problems in China's enterprises,such as low efficiency,extravagance and waste,backward governance mechanism,heavy scale and light quality.The concept of Cost Stickiness provides a new idea for the company's cost management.It is important to clarify the Cost Stickiness of enterprises and make corresponding policies for improving management efficiency,promoting value growth and reducing economic fluctuation.In order to open the "black box" of the company's expense management and explore the influencing factors and mechanism of the company's expense stickiness,this paper,from the perspective of the media's attention to this external governance mechanism,uses the data of A-share listed companies in China's manufacturing industry in 2012-2016 to investigate the impact of media attention on the company's expense stickiness.The research shows that there is a problem of Cost Stickiness in China's manufacturing listed companies.Media attention to a certain extent can inhibit the problem of corporate cost stickiness.The greater the media attention,the smaller the corporate cost stickiness.Under different quality of information disclosure,the inhibition effect of media attention on corporate cost stickiness is heterogeneous.When the quality of corporate information disclosure is poor,the inhibition effect of media attention on corporate cost stickiness is more obvious.Further study found that different types of media focus on the inhibition effect of corporate cost stickiness is different,policy oriented media focus on the inhibition effect of corporate cost stickiness is stronger than market-oriented media focus.The contributions of this paper are as follows:(1)combining the external governance mechanism of media attention with the cost decision-making of enterprises,exploring the impact of media attention on the Cost Stickiness of enterprises,enriching the relevant research on the impact mechanism of Enterprise Cost Stickiness and the economic consequences of media attention as the external governance mechanism;(2)investigating the internal control of water in different companies with different information disclosure quality Under normal conditions,whether the influence of media attention on corporate cost stickiness is heterogeneous or not,this discussion will help to explore whether there is a certain degree of substitution between media attention and other governance mechanisms.In addition,based on China's actual situation and unique institutional background,this paper discusses the effect of different types of media attention on corporate cost stickiness,and provides empirical evidence for understanding the governance role of China's policy oriented media and market-oriented media.