REVIEW OF FINANCIAL STUDIES·DOI: https://doi.org/10.1093/rfs/hhx055·Published: 04 July 2017

谁抓住了媒体的力量？

作者：Jiaxing You(School of Management, Xiamen University), Bohui Zhang(UNSW Business School, UNSW Australia and Shenzhen Finance Institute, School of Management and Economics, The Chinese University of Hong Kong), Le Zhang (UNSW Business School, UNSW Australia)

摘要：我们研究政府控制如何影响媒体作为信息中介和企业监督者的角色。比较国有控股型和市场导向型的中国媒体撰写的大量新闻文章，我们发现市场导向型媒体的文章比国有控股型媒体的更关键、更准确、更全面、更及时。此外，只有以市场为导向的媒体的文章才具有重大的公司治理影响力。采样分析、记者采访以及大学生调查显示，市场导向型媒体的优越效应是由其经营效率和独立性来解释的。

Who Captures the Power of the Pen?

Jiaxing You(School of Management, Xiamen University), Bohui Zhang(UNSW Business School, UNSW Australia and Shenzhen Finance Institute, School of Management and Economics, The Chinese University of Hong Kong), Le Zhang (UNSW Business School, UNSW Australia)

ABSTRACT

We study how government control affects the roles of the media as an information intermediary and a corporate monitor. Comparing a large sample of news articles written by state-controlled and market-oriented Chinese media, we find that articles by the market-oriented media are more critical, more accurate, more comprehensive, and timelier than those by the state-controlled media. Moreover, only articles by the market-oriented media have a significant corporate governance impact. Subsample analyses, interviews with journalists, and a survey of university students suggest that the market-oriented media’s superior effects are explained by their operating efficiency and independence.

原文链接：

https://academic.oup.com/rfs/article-abstract/doi/10.1093/rfs/hhx055/3924338/Who-Captures-the-Power-of-the-Pen?redirectedFrom=fulltext

翻译：何杉