| Nowadays the relationship between new media and all aspects of people’s life and work is becoming closer and closer.Based on the broad platform of capital market,the role of media has quietly penetrated into enterprises,Investors,even government regulators.In addition to attracting social attention,the attention of network media to listed companies has also become an important entry point for the CSRC to exercise its regulatory function.In recent years,online media can be seen in the disclosure of wellknown violations of listed companies.For example,the vaccine from Changsheng Pharmaceutical.The above incidents were the first to be exposed by online media.Nowadays,the public’s attention to the external governance effect of the media continues to rise.The vast majority of academic research on media attention is conducted empirically.However,at present,most of the research is carried out in the form of demonstration,which can not specifically reflect the actual corporate governance effect of media attention.Especially due to the emerging nature of network media,the relevant research on the corporate governance effect of network media is still lacking.Therefore,this thesis selects Junshi Biosciences Co.,Ltd as the case study object.Firstly,the normative research method is used to sort out the relevant materials and literatures on the motivation,path and effect of media attention at home and abroad,and build a "motivation of media attention-influence path of media attention(three mechanisms)-governance effect of media attention".The research framework;secondly,the case study method is the main event study method,and from the perspective of corporate governance,it interprets the whole process of Junshi being questioned by the media.The motives and paths of media attention to Junshi and the effect of different paths on corporate governance are gradually analyzed.Finally,combined with the conclusions drawn from the case analysis,this thesis puts forward some suggestions.Through case analysis,it is found that,along with the prosperity of Internet media and mobile intelligent terminals,online media has the incomparable information collection and dissemination speed of traditional media,which can improve the information disclosure of listed companies.The question of the self-media quickly attracted the inquiries of the SSE.The Internet era has accelerated the dissemination and expansion of information,and the time for the three mechanisms has been shortened,especially the administrative intervention mechanism.In addition to quickly issuing an announcement to clarify the doubts,The series of actions taken by Junshi have also improved corporate governance in terms of information disclosure and internal control.This series of actions will help bridge the information asymmetry gap between internal and external information about Junshi,and protect the rights and interests of investors.Through the case of Junshi,this thesis puts forward the following four suggestions:(1)For online media,on the one hand,it is necessary to seize the opportunity when the public changes the way of obtaining information,jump out of the restrictions of the media industry,and fully Play its own external supervision and governance functions in the capital market;on the other hand,reports are based on reality.(2)For securities regulatory authorities,on the one hand,it is necessary to clearly identify information science decision-making and implement supervision;on the other hand,it is necessary to scientifically guide the media to take responsibility for public opinion and effectively guide investors to judge value.(3)For listed companies,on the one hand,listed companies should disclose information proactively,timely,truthfully,legally and reasonably,so that all relevant information should be approved;Use media attention to reduce messaging costs.(4)For investors,on the one hand,they should extensively collect information,especially the information released by qualified online media;Dynamic,try to make scientific and reasonable decisions.It is hoped that the research in this thesis can supplement the relevant literature on media attention and information disclosure of listed companies,and provide a certain reference for the future,especially in application scenarios,for online media to better play the functions of public opinion supervision and external governance. |
