摘要
企业价值一直是企业自身及企业利益相关者关心的问题。随着我国媒体的快速发展,媒体监督已成为影响企业价值的重要因素。基于公司治理视角,文章以2013～2016年我国A股上市公司为样本,检验了媒体监督对企业价值的影响,并分析了这种影响效果的异质性。研究发现:我国A股上市公司企业价值差异较大,整体水平偏低,媒体监督能显著提高企业的价值。进一步运用分类回归研究发现,媒体监督对企业价值的影响具有异质性,即这种显著正相关的关系主要体现在非国有企业中,在国有企业中并不显著。
Enterprise value has always been the concern of enterprises themselves and their stakeholders.With the rapid development of Chinese media,media supervision has become an important factor affecting enterprise value.Based on the perspective of corporate governance,this paper took China's a-share listed companies from 2013 to 2016 as samples to test the impact of media supervision on enterprise value and analyze the heterogeneity of the impact effect.The research finds that the enterprise value of a-share listed companies in China is greatly different and the overall level is low.Media supervision can significantly improve the value of enterprises.Further using classified regression method,it is found that the influence of media supervision on enterprise value is heterogeneous. This significant positive correlation is mainly reflected in non-stateowned enterprises,but not in state-owned enterprises.
作者
蹇皓
JIAN Hao(Business School of Hunan Normal University,Changsha,Hunan 410081,China)
出处
《企业技术开发》
2019年第1期42-45,共4页
Technological Development of Enterprise
关键词
媒体监督
企业价值
产权性质
Media supervision
Enterprise value
Nature of property right
