Media Governance,market Competition And Management Earnings Forecast Strategy

As a"soft information",the performance forecast is an important predictive financial information,linked to the company's market value,and is increasingly concerned by the regulatory authorities and the public.Soft China's semi-mandatory and semi-voluntary performance forecast disclosure system,the listed company management Strategic Disclosure Performance forecast of the"soil",the disclosure of voluntary performance forecast of the choice of the right in the hands of management.Competition is the main melody of the market,the company as the main body of the market composition,its operation can not be separated from market competition.Information e era,to promote the development of media integration is an urgent issue in China's current development,the emerging network media and traditional media integration and development is an unstoppable trend,changing the media as a channel for information disclosure,the formation of network media and traditional paper media development situation,Provides an information medium for companies to establish dialogue mechanisms with other market participants.Practice has proved that market competition is to influence the prominent factors of information disclosure,the media reputation is independent of the"fourth right"outside the law,to"Shan Yanqing,End Qingyuan"function,in the company to play the role of external governance.So,will media governance,market competition affect the Management performance forecast disclosure strategy?Will the combination of media governance and market competition have a 1+1>2 effect on the Management performance forecast disclosure strategy?These problems deserve further refined.Based on the theory of reputation,signal transmission,information asymmetry and market competition,this paper designs and uses Python technical language to collect media governance data with 407 listed companies with 2012-2017 years of continuous annual performance forecast,and uses panel Probit model to test the media governance and The influence of market competition on the Management Performance forecast disclosure strategy and the regulating effect between the media in the market competition and the Management Performance forecast disclosure strategy.At the same time,from the three angles of property right nature,company scale difference and information disclosure channel,the influence between the three is further explored by grouping regression and panel threshold regression.Through the above research,it is found that:(1)Market competition is positively correlated with management Performance forecast disclosure strategy,media governance and Management Performance forecast disclosure strategy is positively correlated,media governance as a adjustment variable in the market competition on the Management Performance forecast disclosure strategy situation has a significant positive adjustment role.(2)from the nature of corporate ownership,Market competition has no significant impact on the management Performance forecast disclosure strategy of state-owned companies,while non-state-owned companies have significant negative impact,and media governance has a significant impact on the management Performance forecast disclosure strategy of different ownership companies,but the impact on non-state-owned companies is more significant;The regulating effect of media governance on market competition and Management Performance forecast disclosure strategy only plays a positive effect in non-state-owned companies,but is ineffective for state-owned companies.(3)from the perspective of the size of the company,there is a scale threshold effect on the impact of market competition and media governance on the Management Performance forecast disclosure strategy,that is,when the company size is below the threshold(S_i~*),market competition and media governance have no significant impact on the management Performance forecast information disclosure strategy,and when the company size is higher than the threshold Media governance will weaken the willingness of management of large companies to disclose voluntary performance forecast information;however,the influence of media governance as a regulating variable on the relationship between market competition and management performance disclosure strategy does not have a threshold effect.(4)from the media channel point of view,the network media attention and Management Performance forecast strategy is positively correlated,and the traditional paper media on the Management performance forecast strategy has no significant impact;from the regulatory role of media governance,the network media in the market competition on the Management Performance forecast disclosure strategy has played a regulatory effect,But the traditional paper medium does not have the significant adjustment function.