媒体报道与运气薪酬:基于传统媒体与社交媒体的比较研究

Media Coverage and Lucky Pay:A Comparative Study Based on Traditional Media and Social Media

中文关键词:  社交媒体  传统媒体  公司治理  运气薪酬  能力薪酬  薪酬—业绩敏感性

英文关键词:social media  traditional media  corporate governance  lucky pay  skill pay  pay-performance sensitivity

中文摘要:

      移动互联网时代的社交媒体推陈出新,企业面临的媒体生态随之嬗变,媒体治理研究亟待审视。基于此,以运气薪酬为切入点,利用2013—2019年A股上市公司数据,实证检验了传统媒体与社交媒体治理效应的差异。研究发现,传统媒体会正向影响高管运气薪酬,社交媒体则会负向影响高管运气薪酬。异质性分析表明,在信息质量越低、市场垄断越严重以及投资者关注越少的公司,社交媒体的治理效应越强；当公司被媒体深入报道、被原创类媒体报道以及被高影响力媒体报道时,社交媒体的治理效应更强。进一步研究发现,社交媒体抑制高管运气薪酬更多是高管机会主义的结果,社交媒体更强的信息挖掘能力使其能够抑制高管薪酬中的运气薪酬并提高高管的能力薪酬。因此,为发挥媒体在资本市场中的治理作用,政府应通过政策引导更好地发挥媒体对高管激励的作用；企业应重视媒体的影响,完善公司治理并塑造良好形象。

英文摘要:

      In the era of mobile Internet, social media brings forth new ideas, and the media ecology faced by firms has changed drastically, so it is urgent to carry out research on media governance. Based on the samples of A-share listed firms from 2013 to 2019, this paper empirically tests the difference between traditional media and social media in terms of governance effect from the perspective of lucky pay. Research results show that traditional media coverage is positively associated with the lucky pay of executives, while social media coverage is negatively associated with the lucky pay of executives. Heterogeneity analysis shows that the governance effect of social media is stronger in firms with lower information quality, greater market monopoly and less investor attention; and the effect proves stronger when a firm is reported by the media in depth or reported by the original media and high-impact media. Further research shows that social media inhibit executives' luck pay more as a result of the opportunism of executives, and the stronger information mining ability of social media can reduce executives' luck pay and increase their skill pay. Therefore, in order to promote the governance role of media in capital market, the government should give a better play to the effect of media on executive incentives through policy guidance, and firms should pay attention to the influence of media, improve corporate governance and build a good image. 