摘要
媒体作为资本市场的重要信息中介和外部治理机制,其报道会受利益驱动和政治力量等因素的影响,导致主观情感过于强烈,偏离客观中立的本质要求。基于此矛盾,本文运用文本内容分析法构建媒体报道情绪指数,探讨媒体情绪对企业内部控制质量的影响。研究发现,积极的媒体情绪能够显著提高企业内部控制质量;机制检验表明,媒体情绪对企业内部控制质量的提升作用是通过降低企业代理成本来实现的。进一步分析发现,在股权分散、机构持股比例低且媒体报道数量多的公司中,上述影响更明显。异质性分析发现,媒体负面情绪对企业内部控制质量的影响较小,不同产权性质的企业均受到媒体情绪的影响。此外,媒体情绪与企业内部控制信息披露质量显著正相关。本文结果证实了媒体情绪的外部监督职能,同时为企业提高内部控制质量以及监管部门规范媒体行为提供了经验证据和决策参考。
As an important information intermediary and external governance mechanism in capital markets,the media is influenced by profit-driven motives and political forces,leading to excessive subjectivity and deviation from objective neutrality.To address this contradiction,this study employs text content analysis to construct a media sentiment index and examines the impact of media sentiment on internal control quality in firms.The research findings reveal that positive media sentiment significantly enhances the quality of internal control in corporations.Mechanism tests indicate that the improvement in internal control quality due to media sentiment is achieved by reduing agency costs for corporntions.Further analysis indicates that the aforementioned relationship is more pronounced in companies characterized by dispersed ownership,low institutional ownership,and high media coverage.Heterogeneity analysis shows that negative media sentiment has a relatively small impact on internal control quality,while companies with different ownership structures are all influenced by media sentiment.Moreover,a significant positive correlation is observed between media sentiment and internal control information disclosure quality.These findings confirm the external monitoring function of media sentiment and provide empirical evidence and decision-making references for firms to enhance internal control quality and regulatory authorities to standardize media behavior.
作者
吴花平
马铭
曾建光
范群林
HUAPING WU;MING MA;JIANGUANG ZENG;QUNLIN FAN
出处
《中国会计评论》
2023年第1期105-132,共28页
China Accounting Review
基金
中央高校基本科研业务费(2023CDSKXYJG007)
教育部人文社科研究规划基金项目(23YJA890039)
重庆市社会科学规划项目(2020YBGL80)
重庆市留学人员回国创业创新支持计划项目(cx2019154、cx2020119)的资助
关键词
媒体情绪
内部控制质量
代理成本
文本分析
Media Sentiment
Internal Control Quality
Agency Costs
Text Analysis
作者简介
通信作者:范群林,地址:重庆市巴南区红光大道69号,邮编:400054,E-mail:fanqunlin@cqut.edu.cn
