论文总字数：38251字

摘 要

现代公司管理过程中，由于委托代理理论和经济人假设的存在，上市公司治理问题层出不穷，股市数次遭遇重创，公司治理问题成为研究的热门话题。而盈余管理问题，是公司治理失衡或存在缺陷的一种表现。在现代上市公司中，盈余管理行为普遍存在。媒体是一种外部公司治理机制，具有公司治理效应，在提高会计信息质量、提升公司治理水平和保护投资者利益方面发挥重要的治理作用。但是，媒体报道的治理作用也会受到媒体的偏见、媒体的寻租行为和媒体企业所有权结构等的影响而无法发挥作用。我国制度环境的特殊性，即我国相比于西方国家，法律制度不够健全，上市公司的行为不够规范，使得媒体在中国资本市场上的作用更加显著。本文探讨了我国媒体报道作为公司治理的外部治理机制，是否能真正的对公司的盈余管理行为产生影响，以及产生影响的机制是什么。

本文以2008~2012年上交所A股上市公司为研究对象，从媒体声誉机制的角度探究了其对盈余管理行为的影响。检验结果表明，媒体对上市公司的报道给经营者带来了较大的压力，为了满足资本市场和投资者的预期，经营者会进行更多的盈余管理行为。更进一步说，即使媒体对上市公司进行了负面报道，也没有因为负面报道收敛自己的行为，减少上市公司的盈余管理行为。反而为了维持公司“好”的形象，进一步进行了盈余管理活动。另外，本文发现，虽然我国上市公司中国有企业占比较大且经理人市场还不成熟，但媒体仍然可以通过声誉机制对盈余管理造成影响。无论是国有企业还是非国有企业，CEO的声誉越高，越容易实行机会主义，进行盈余管理行为。

本文的创新之处在于，本文的创新之处在于：第一、国外对媒体报道的研究主要认为，媒体报道主要通过声誉机制影响公司治理；而基于我国制度背景的特殊性，我国学者认为，媒体报道是通过行政机构介入影响公司治理，并且只是从理论的角度认为声誉机制在我国不能发挥作用。本文通过实证研究，验证了我国媒体报道公司治理效应中声誉机制的存在。第二、国内外对媒体报道在资本市场上的作用的研究还处于初步探索阶段，相关的文献较少，将媒体报道与盈余管理相联系的文献更少。本文从实证的角度出发，探究了媒体报道和盈余管理的关系，为研究盈余管理和提高公司治理水平提供了检验数据和文献支持，为相关领域的发展提供了新的思路。第三、在实证研究了媒体报道的声誉机制对盈余管理的影响之后，本文从企业的所有权性质出发，探究了国有企业和非国有企业，媒体报道的声誉机制发挥作用的程度是否有所不同。

关键词：媒体报道；盈余管理；声誉机制

THE STUDY ON THE EFFECTS OF REPUTATION MECHANISM OF MEDIA REPORT ON EARNINGS MANAGEMENT

Abstract

In the process of the modern company management, because of the existence of The principal-agent theory and economic man hypothesis, corporate governance issues of the listed companies emerge in endlessly. The stock market has been severely damaged due to these issues. Therefore, corporate governance has become one of the hottest research topics. The problem of earnings management can be regarded as the defects or imbalances of the corporate governance. Media report, as one of the external governance mechanism, has been playing an increasingly important role in areas of improving the quality of accounting information, enhancing the level of corporate governance and protecting the interests of investors. However, media report cannot play the proper role when it is affected by media bias, media’ rent-seeking behavior and the ownership structure of media enterprise. The particularity of the institutional environment in China has made media play a more significant role in the capital market. This paper has explored whether and how media report affect earnings management.

This paper discusses the relationship between earnings management and media reports using A-shares listed companies at Shanghai stock exchange from 2008 to 2012 as research example. Empirical results confirmed that media reports on listed companies brought a lot of pressure on managers. In order to satisfy the expectations of the investors and the capital market , managers have to encourage earnings management. And even though the media reports on listed companies are negative reports, it still hasn’t restricted earnings management behavior. Managers would like to use earnings management to maintain a good image of the company. Besides, our research discovered that although in China, state-owned enterprises account for a large proportion and market for managers is not so mature, media reports still can influence earnings management through reputation mechanism. In contrast to CEOs with lower reputation, higher-reputation CEOs have more motivation to do earnings management. Moreover, both state-owned enterprises and non-state-owned enterprises, higher-reputation CEOs have more willing to do earnings management in contrast to lower-reputation CEOs.

In this paper, the innovation lies in three points. First, foreign scholars believe that media report can influence corporate governance through reputation mechanism. However, based on the particularity of the institutional environment in China, Chinese scholars believe in our country, media report only can affect corporate governance by involving administrative agencies. This paper has studied the existence of reputation mechanism in China through the empirical research method. Second, literature of media report at home and abroad is rare. This paper has enriched the existing literature. Third, this paper has studied if the ownership of enterprises will affect the degree of the role of the reputation mechanism.

Key words: media reports; earnings management; reputation mechanism

目录

摘 要 I

Abstract III

第一章 绪论 1

1.1选题背景和研究意义 1

1.1.1选题背景 1

1.1.2研究意义 2

1.2研究方法 3

1.3 主要内容和结构安排 3

1.4 创新之处 4

第二章 文献综述 5

2.1媒体报道 5

2.1.1媒体报道的定义 5

2.1.2媒体报道的动机研究 5

2.1.3媒体报道的公司治理效应研究 6

2.1.4媒体报道发挥公司治理效应的机制研究 7

2.2盈余管理 9

2.2.1盈余管理的定义和理论基础 9

2.2.2盈余管理的动机研究 9

2.2.3盈余管理的手段研究 10

2.2.4盈余管理的制约因素 10

2.3媒体报道对盈余管理的影响研究 11

2.4研究现状评述 12

第三章 理论推导和假设的提出 14

3.1媒体报道影响盈余管理的理论基础 14

3.2研究假设 16

第四章 研究设计和实证检验 19

4.1研究设计 19

4.1.1样本选择 19

4.1.2变量设计 19

4.1.2模型的设定 24

4.2实证检验 25

4.2.1描述性统计 25

4.2.2相关性检验 26

4.2.3多元回归结果分析 28

4.2.4稳健性检验 30

第五章 研究结论和政策建议 31

5.1主要研究结论 31

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