摘要
本文以2005-2010年媒体评选的明星C E O作为研究样本,实证检验媒体追捧报道的动机及其对明星CEO薪酬的影响。研究发现,一方面,CEO的经营能力并不是决定其能否成为媒体追捧对象的决定因素,相反,获得上市公司的广告收入与迎合公众的认知偏好才是媒体追捧明星C E O的真实原因;另一方面,媒体的追捧报道不但没有提高公司经营业绩与明星C E O薪酬之间的敏感性,反而进一步强化了明星C E O在公司管理结构中无形的权威和影响力,使其获得了丰厚的个人薪酬。本文研究表明,现实中的媒体可能为利益所"收买",成为公司管理层攫取私利的"鼓噪者",媒体的追捧报道不仅没有起到树立真正光辉典范的作用,反而弱化和降低了公司治理的有效性,引发了消极的经济后果。本文对媒体追捧报道的动机及其对明星C E O薪酬的影响分析,将有益于全面和客观评价媒体在资本市场中的作用。
In the sphere of corporate governance, media coverage can influence managers and board members and force them to take corrective actions to enhance shareholder wealth. But meanwhile, the media in the real world can＇t always keep the objective stand to report the news and the media bias, which came from the cognitive preferences, economic benefit, and political pressure, etc., has been widely documented. This paper empirically examines the motivation of media blurbs on superstar CEOs and its economic consequences, especially its impact on the corporate governance of the corresponding CEOs＇ firms. Our results indicate that the CEOs＇ ability and firm performance is not the vital determinant of media blurbs on superstar CEOs, rather the key factors lie in the adverting expenditure spent on media firms, as well as the audience preference on the legendary stories of the superstar CEOs. We also find that the media blurbs take no part in enhancing the sensitivity between firm performance and CEO compensation; rather the coverage endows more power to the CEOs, and helps them grab higher compensation. In reality, media also would be bribed for commercial interests and become cheerleaders for management to obtain private benefits from companies. In general, we posit that media do not pick up the right CEOs as the superstar in a socially acceptable manner, but weaken the corporate governance of the corresponding superstar CEO firms, causing negative social and financial consequences. The conclusions contribute to objectively and systematically recognize the effects of media in the stock market. Besides that, our paper also has some interesting implications： First, the superstar CEOs awarded by the media doesn＇t mean that they have excellent ability than the other CEOs without the award, on the contrary, it could predict the worse accounting performance in the future; Second, the investors should gain the news or the information derived from the diverse source in order to avoid making wrong decision based on the media bias.
出处
《南开管理评论》
CSSCI
北大核心
2015年第1期118-129,共12页
Nankai Business Review
基金
国家社科基金项目(12C G L035)
国家自然科学基金项目(71202062)资助
关键词
媒体追捧
明星CEO
薪酬
公司治理
Media Blurbs
Superstar CEO
Compensation
Corporate Governance
作者简介
醋卫华，湘潭大学商学院副教授、理论经济学博士后、财务学博士，研究方向为公司财务与公司治理；
李培功，厦门大学管理学院副教授、财务学博士，研究方向为公司财务与公司治理
