摘要
移动互联网时代的社交媒体推陈出新,企业面临的媒体生态随之嬗变,媒体治理研究亟待审视。基于此,以运气薪酬为切入点,利用2013—2019年A股上市公司数据,实证检验了传统媒体与社交媒体治理效应的差异。研究发现,传统媒体会正向影响高管运气薪酬,社交媒体则会负向影响高管运气薪酬。异质性分析表明,在信息质量越低、市场垄断越严重以及投资者关注越少的公司,社交媒体的治理效应越强;当公司被媒体深入报道、被原创类媒体报道以及被高影响力媒体报道时,社交媒体的治理效应更强。进一步研究发现,社交媒体抑制高管运气薪酬更多是高管机会主义的结果,社交媒体更强的信息挖掘能力使其能够抑制高管薪酬中的运气薪酬并提高高管的能力薪酬。因此,为发挥媒体在资本市场中的治理作用,政府应通过政策引导更好地发挥媒体对高管激励的作用;企业应重视媒体的影响,完善公司治理并塑造良好形象。
In the era of mobile Internet,social media brings forth new ideas,and the media ecology faced by firms has changed drastically,so it is urgent to carry out research on media governance.Based on the samples of A-share listed firms from 2013 to 2019,this paper empirically tests the difference between traditional media and social media in terms of governance effect from the perspective of lucky pay.Research results show that traditional media coverage is positively associated with the lucky pay of executives,while social media coverage is negatively associated with the lucky pay of executives.Heterogeneity analysis shows that the governance effect of social media is stronger in firms with lower information quality,greater market monopoly and less investor attention;and the effect proves stronger when a firm is reported by the media in depth or reported by the original media and high-impact media.Further research shows that social media inhibit executives luck pay more as a result of the opportunism of executives,and the stronger information mining ability of social media can reduce executives luck pay and increase their skill pay.Therefore,in order to promote the governance role of media in capital market,the government should give a better play to the effect of media on executive incentives through policy guidance,and firms should pay attention to the influence of media,improve corporate governance and build a good image.
作者
张新民
赵文卓
ZHANG Xinmin;ZHAO Wenzhuo(Business School,University of International Business and Economics,Beijing 100029,China)
出处
《北京工商大学学报（社会科学版）》
CSSCI
北大核心
2023年第3期53-65,共13页
JOURNAL OF BEIJING TECHNOLOGY AND BUSINESS UNIVERSITY:SOCIAL SCIENCES
基金
国家自然科学基金重大项目“互联网时代的公司财务行为研究”(71790604)
国家自然科学基金重点项目“审计机构治理机制与审计质量研究”(71932003)
教育部人文社会科学研究青年基金项目“审计委员会透明度改革:国际进展与中国借鉴研究”(21YJC790141)。
作者简介
张新民(1962-),男,北京人,对外经济贸易大学国际商学院教授,博士生导师,博士,研究方向为企业财务报表分析、公司财务管理等;通信作者:赵文卓(1993-),女,河南洛阳人,对外经济贸易大学国际商学院博士研究生,研究方向为审计与公司治理、财务质量分析。
