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作业代写:The media supervises corporate governance

2018-09-19 来源: 51due教员组 类别: Paper范文

下面为大家整理一篇优秀的paper代写范文- The media supervises corporate governance,供大家参考学习,这篇论文讨论了媒体监督公司治理。良好的公司治理是企业增强竞争力和提高经营绩效的必要条件,也是资本市场稳定发展的基本保证。作为信息传递的工具,媒体通过对信息的汇总和传播,使广泛的利益相关集团对公司治理的影响得以实现和加强,社会规范对公司治理的作用也得以更充分地展现。媒体的高度普及和带来的治理效应,对于保护投资者利益,保证市场公平,降低系统风险,建立完善的资本市场监督体系,有着极其重要的作用。

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Good corporate governance is a necessary condition for enterprises to enhance competitiveness and improve business performance, as well as a basic guarantee for the stable development of capital market. As a tool of information transmission, the media, by summarizing and disseminating information, makes the influence of a wide range of interest groups on corporate governance realized and strengthened, and the role of social norms on corporate governance more fully displayed. The high popularity of media and the resulting governance effect play an extremely important role in protecting investors' interests, ensuring market fairness, efficiency and transparency, reducing systematic risks and establishing a sound capital market supervision system.

Reputation is the evaluation of the whole and comprehensive quality of an individual or an object by the public. As the name implies, it is the reputation and reputation of a person or an object, showing the social status and degree of respect of a person or an object. Fama first introduced the concept of reputation into the economic field in the late 1970s. He pointed out that reputation theory played a positive role in the competition in the manager market, and managers would work harder for the consideration of external market pressure and development prospect. In the manager market competition mechanism, the manager's good reputation can bring him better development platform and more abundant remuneration, while the company's business performance and development level play a major role in determining the manager's reputation. In the pursuit of a better reputation, managers will work harder to improve business performance on the one hand, and will automatically restrain violations on the other hand. Subsequently, scholars studied on the basis of Fama research and pointed out that the manager's reputation had an incentive effect on the manager, although the specific incentive method of reputation was not specified in the contract. However, it is found that a good professional reputation helps to improve the ability of managers to bargain in the market and prove their value and performance through the enterprise. However, a bad reputation may lead to the loss of competitiveness and job opportunities of managers, and thus restrain the moral behavior of managers.

The university of Cambridge professor James arjun ir - lees and Columbia University professor William when Vickery respectively in the sixties and seventies of the 20th century proposed information asymmetry theory in information economics study, they think: trading in the market both sides of the master degree of the information is not consistent with the commodities, to master the more information one can by passing information to earn profits in the market, and the lack of information of one party is at a disadvantage position. Information asymmetry theory is widely used in traditional product market and modern capital market.

In the market, information asymmetry happens frequently, which means that both parties of the transaction have different levels of information. The more knowledgeable party tends to act in its own favor, thus harming the interests of the other party, such as the used car market. The information asymmetry in the market makes it impossible to realize the optimal resource allocation, which can easily lead to adverse selection before trading and moral risk after trading, resulting in market failure.

Media supervision has played a positive role by alleviating information asymmetry, using reputation mechanism to restrain managers' behavior, and involving government institutions in corporate governance. This paper introduces the status quo of media supervision on corporate governance through the following two aspects: first, the positive role of media supervision on corporate governance, including the pre-supervision role of media and the supervision effect of media. Second, media supervision of the shortcomings of corporate governance.

Effect of media supervision on the corporate governance of early research focused on the case study, the most classic case is belong to shareholder activists Monks in 1992 in the Wall Street journal, in the form of advertising denounced the low efficiency of management by the board of directors of the sears roebuck events, the ads, sears the board of directors of the company to take active measures to improve, for almost all adopted Suggestions for improvement are put forward by the Monks. This example, has confirmed the media to supervise the actual effect of corporate governance.

The factors that media corporate governance plays a role mainly include the external environment of government and law and the media's reporting bias. From the perspective of China's current situation, the main problem lies in the standardization of media reports and the follow-up effect brought by reports. For example, the pursuit of "buzz" the ill effects of false reports, the media lawsuit cost increase and business risks, media reported to appeal to advertisers for selective, lack of media independence, media practitioners lack of self-discipline and so on, these are restricted the role of corporate governance of media supervision into full play.

Capital market information asymmetry phenomenon is widespread, because of information asymmetry between shareholders and managers, the problem of moral hazard because of information asymmetry between controlling shareholders and minority shareholders of the adverse selection problem, and the low efficiency between regulators and listed companies regulatory problems, the media as a powerful supplementary capital market regulators, the supervision of corporate governance issues, playing an increasingly important role. The public needs the media to alleviate the information asymmetry between the two sides of the transaction, expose the listed companies that have violated the rules, and promote good corporate governance. However, when the media reports major events, they are frequently subjected to lawsuits and the legal environment in which most of the lawsuits are lost. Whether the law protects the company's supervisory role and free speech rights determines the litigation costs and risks the media face.

In the 1970s, China's media began to reform in a market-oriented manner, the government began to reduce financial subsidies to the media, and the media began to rely on media resources to obtain advertising revenue, which also enabled the media to gain huge benefits in the initial market-oriented reform. The huge advertising revenue makes the media get the economic return. In the 1990s, the government confirmed that the business system of media was gradually transformed into an enterprise system, and the rapid development of Internet media after the 1990s began to intensify the competition between different media. The relaxed reporting environment and the incentive mechanism of commercialization encourage the media to actively supervise the problems in the capital market, which is also helpful for the media to pay more attention to the reputation mechanism and pay more attention to the long-term interests of the media rather than the short-term interests brought by the "sensationalism effect", so as to obtain good reputation and commercial interests.

Normal and effective supervision of public opinion depends on a loose and democratic media environment. In view of the many deficiencies of media supervision, this paper advocates the improvement from internal and external aspects, that is, while the media is speeding up its internal self-improvement, the whole society should also actively create a favorable external environment for it. Listed companies take the majority of shareholders' funds, they should be questioned of course, but also have the burden of proof. The media serve the readers, and supervision has always been its most important function. In the process of exercising the right of supervision, the media needs to spend money to conduct in-depth interviews and investigations, take risks, and need social support and affirmation. When media reports are partially inaccurate, the society should give some understanding and tolerance.

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