【作者】 李蕊；

【导师】 黄珺；

【作者基本信息】 湖南大学 ， 会计学， 2019， 硕士

【摘要】 在当今信息快速传播的时代,媒体借助互联网的普及使得新闻资讯在人们的日常生活中扮演着越来越重要的角色。由于企业牵扯的利益相关者较多,媒体关于企业的报道也成为人们日常关注的重要领域之一。凭借着特有的社会影响力和公信力,媒体通过对企业进行报道的方式发挥着有效的议程设置作用,这也引起了学术界的广泛关注。在以往的文献中,媒体关注与CSR信息披露的关系以及负面报道的声誉机制等被较多地研究,而不同的媒体报道性质(正面报道或负面报道)对企业绩效的影响研究较少,CSR信息披露与企业声誉是否会影响媒体报道和企业绩效的关系也未可知。因此,本文尝试从媒体对企业的正负面报道入手,探究其如何作用于企业绩效,并将企业的前期声誉——外部利益相关者对企业以往行为的整体评价——作为外部调节因素,以及CSR信息披露水平作为内部调节因素,从这两方面进一步探究二者对媒体报道与企业绩效关系的影响。针对以上问题,本文选择2013-2017年润灵环球责任评级(RKS)数据库中的沪深A股制造业企业作为研究样本,共得到359家上市公司1404个样本观测值。结合议程设置理论以及归因理论等四项理论的分析,运用实证研究方法检验了正面报道以及负面报道对企业绩效的影响关系,并进一步引入企业的前期声誉水平和CSR信息披露这两个调节变量。实证结果表明,负面新闻报道对企业绩效带来了消极影响,而正面报道则发挥了积极影响,且负面的新闻报道对企业绩效造成的影响比正面报道更大。此外,企业前期的声誉能够抑制负面新闻对企业绩效产生的消极作用,CSR信息披露对负面新闻报道的消极影响也具有抑制效应。通过替换变量、重新筛选样本等稳健性检验以及内生性检验,以上研究结论也依然成立。最后,根据本文的理论推导与实证研究成果,提出了相关的政策建议:(1)媒体应当坚持新闻报道的真实性,积极挖掘和报道企业的相关信息,充分发挥市场监督职能和议程设置作用;(2)相关行政部门应当健全媒体相关的法律,为媒体营造良好的从业环境,并为企业制定规范的CSR信息披露准则;(3)企业应当注重与利益相关者之间的沟通,并建立声誉管理机制,同时还应当提高CSR信息披露的自觉性,为自身营造一个稳定的外部环境。更多还原

【Abstract】 Nowadays,with the information disseminated rapidly,the media is playing an increasingly important role in people’s daily lives through the Internet.As there are lots of stakeholders involved in the corporate,the media coverage of corporate has become one of the most important aspects of people’s concern.With its unique social influence and reliability,the media can play a significant role in agenda-setting through the way of releasing news about enterprises,which has also attracted wide attention among scholars.In the existing literatures,the relationship between media attention and corporate social responsibility disclosure as well as the reputation mechanism of negative media coverage has been studied a lot.While,there is little research on the influence of media coverage tone on firm performance.It also remains unknown whether the relationship between media coverage and firm performance will be moderated by the disclosure of corporate social responsibility and corporate reputation.Therefore,this paper attempts to explore how the different tones of media coverage influence firm performance.In addition,this paper introduces internal and external factors to be moderating variables.Specifically,the advance reputation of corporate as the result of evaluation of the external stakeholders is treated as an external factor and corporate social responsibility disclosure is treated as an internal factor to explore their impacts on the relationship between media coverage and firm performance.Based on the above problems,A-share listed manufacturing companies of 2013-2017 Rankins CSR Rating(RKS)reports are selected as the research subjects,and a total of 1404 observations are obtained from these 359 listed companies.Based on the Stakeholder Theory,Information Asymmetry Theory,Agenda-setting Theory and Attribution Theory,this paper explores the impact of media coverage on firm performance and introduces corporate reputation and corporate social responsibility disclosure as moderating variables in the research models.The results show that negative media reports have a negative impact on firm performance,while positive media reports have a positive impact on firm performance.Besides,we found that negative media reports have a greater impact on firm performance.In addition,the corporate reputation and corporate social responsibility disclosure can negatively moderate the relationship between negative media reports and firm performance.Through the endogeny test and robustness tests like replacing variables and reselecting sample,the above conclusions are still valid.Finally,according to the theoretical analysis and empirical results of this paper,relevant advices are put forward:(1)the media should adhere to the authenticity of the news,and actively excavate and report enterprise-related information to perform the functions of market supervision and agenda-setting well;(2)the governments should improve the laws to create a favorable environment for the media,and formulate disclosure standards of corporate social responsibility;(3)the enterprises should pay attention to the communication with stakeholders,and establish the reputation management mechanism.At the same time,they should improve the consciousness of disclosing social responsibility information to create a stable external environment for themselves.更多还原