【论文研讨班第35期】Media, Corporate Governance and Financial Statement Fraud in Chinese Listed Firms
题目：Media, Corporate Governance and Financial Statement Fraud in Chinese Listed Firms
孙艳梅，对外经济贸易大学金融学院副教授。研究领域：公司金融、资产定价及媒体与金融市场。在《经济研究》、《管理世界》、《金融研究》、Review of Development Economics、The European Journal of Finance等期刊发表多篇论文，并参与和主持了多项国家和省部级课题。
Abstract：Supported by the database of media coverage and media tone constructed by textual analysis tools, we empirically test the corporate governance role of the media in China based on financial fraud enterprises and matching samples. We find that the media coverage and media tone can effectively predict the occurrence of fraud, and the media can also significantly shorten the duration of corporate fraud and improve the probability of rectifying behavior. And the governance effect of the media coverage is significant, while the soft information effect of media tone is limited. Referring to the classification of agency conflicts behind the financial fraud, we find that the above effects are more pronounced in the first category of agency fraud. Further, considering with the vigorous development of new media to break the traditional media information monopoly, we found that the new media competition, to a certain extent, improves the governance effect of traditional media in corporate fraud.
Key words: Media, New Media Competition, Financial fraud, Corporate Governance, Agency Conflicts