摘要
本文选取2010-2013年媒体对我国上市公司报道的数据,实证分析了媒体报道量和负面报道对现金股利政策的影响,发现媒体报道越多的公司更加倾向于发放现金股利;相对于媒体关注度低的公司,在高的媒体关注度下,媒体负面报道对上市公司现金股利政策有着更强的正向作用;媒体报道改变了上市公司的信息分布状况,在信息机制、声誉机制、行政介入的作用下,上市公司会通过改变现金股利政策来迎合舆论导向,以缓解委托代理问题。
Based on the media coverage data of Chinese listed companies from 2010 to 2013, the paper empirically stud- ies the impact of media coverage and negative media coverage on cash dividend policy. The results indicate that media coverage influences cash dividend policy, the more media coverage the company receives, the higher cash dividend it is- sues; relative to those companies with low media coverage, companies with high media coverage tend to have a stronger relationship between cash dividend and the amount of negative public exposure. Media coverage can change the informa- tion distribution of listed firms. The firms cater to the public opinions by adjusting their cash dividend policy and relie- ving the agency problem under information mechanism, reputation mechanism and administrative intervention mecha- nism.
出处
《商业研究》
CSSCI
北大核心
2014年第12期38-47,共10页
Commercial Research
基金
中国人民大学科学研究基金项目
项目编号:14XNH227
关键词
媒体报道
公司治理
现金股利
media coverage
corporate governance
cash dividend
