媒体关注对企业绩效的影响及路径研究——基于医药行业的实证研究-research on the impact of media attention on enterprise performance and its path - based on empirical research of pharmaceutical industry.docxVIP

媒体关注对企业绩效的影响及路径研究——基于医药行业的实证研究中文摘要中文摘要近年来，媒体关注和企业绩效的关系已经成为国内外研究的热点。越来越多的研究表明，媒体关注对企业绩效有显著作用。一是通过媒体关注会吸引投资者的注意力、影响投资者的情绪，从而最终影响企业绩效；二是通过媒体关注，企业操纵市场及“暗箱操作”等违规行为会得到有效控制，从而规范市场运行，使企业健康良性发展。本文通过对国内外相关文献的梳理，探讨了有限注意、媒体关注度的内在含义。并以资源稀缺理论、有限认知理论和信息不对称理论为基础，系统分析了媒体关注对企业绩效的影响机制，阐明了媒体关注对投资者注意力配置的影响。同时，从财务途径、经营途径和公司治理途径提出了当下媒体关注对企业绩效的影响，并提出四个假设，建立相应的模型。通过对医药上市公司现状及相关数据的实证分析，得出媒体关注导致的主要影响企业绩效的指标如下：总资产收益率、财务杠杆系数、经济杠杆系数、资产负债率、公司规模等。因此，为了发挥媒体关注对企业绩效的正效应，一是应加强政府的牵引，发挥媒体关注对上市公司的监督；二是企业应该勇于接受媒体关注；三是企业应该自行建立声誉效应管理制度；四是政府应该加大对被曝光企业出现负面新闻的惩罚制度。关键词：媒体关注度、投资者注意、有限注意、企业绩效作者：王汝超指导老师：张薇I英文摘要媒体关注对企业绩效的影响及路径研究——基于医药行业的实证研究ResearchonMediaAttentionAffectingEnterprisePerformanceandPath—EmpiricalResearchBasedinPharmaceuticalsIndustryAbstractInrecentyears,therelationshipbetweenmediaattentionandcorporateperformancehasbecomeahotresearchtopic.Moreandmorestudiesshowthatmediaattentionhasasignificanteffectoncorporateperformance.Ontheonehand,mediaattentionwillattractinvestorsattention,affectinvestors’sentiment,whichultimatelyaffectcorporateperformance;ontheotherhand,mediaattentionwilleffectivelycontrolmarketmanipulation、black-boxandotherirregularitiestomakethemarketrunregularlyandthecorporatedevelophealthy.Basedontherelevantliterature,theydiscussedlimitedattention,theinnermeaningofmediaattention.thethesisanalyzemediaattentionaffectingcorporateperformancesystematically,clarifytheconfigurationofmediaattentiononimpactinginvestorattentiononthebasisofresourcescarcitytheory,finitecognitivetheoryandasymmetricinformationtheory.Meanwhile,fromthepointoffinancialway,managementapproachesandcorporategovernanceapproaches,thethesisproposesmediaattentionimpactingonthebusinessperformance,proposesfourhypotheses,andestablishestheappropriatemodel.Onthestatusofpharmaceuticalcompaniesandtherelevantempiricaldataanalysis,majorindicatorsofperformanceincurredareasfollows:totalassetsreturning,financiallevel,economiclevel,asset-liabilityratioandcompanysize,etc.Therefore,inordertoplaythemediaattentionthepositiveeffectsonfirmperformance,