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本文区分了治理结构、治理行为与治理绩效的关系,设计了三者的关系模型,并提出治理行为与治理绩效的概念,构建了传媒上市公司治理绩效的测评指标。采用方差分析方法,利用1998~2010年的面板数据,对传媒与相关行业治理绩效的比较发现:传媒上市公司以国有控股为主,体现了传媒政治属性;传媒上市公司具有较高的盈利水平和良好的发展势头,投资回报率高,但投资风险大;外部治理环境、内部治理结构、行业竞争以及公司业绩对治理绩效具有显著影响;行业属性与控股股东治理行为对治理绩效具有显著的影响;民营控股盈利能力好于国有控股;具有垄断背景的国有控股上市公司股东回报率高,民营控股员工薪酬率高;传媒业的行政型治理行为加大了代理成本;严格的制度约束使上市公司信息披露合规性较高,但业绩差的行业信息披露质量差。
This paper divides the relationship between governance structure, governance behavior and governance performance, designs the relationship model of the three and puts forward the concepts of governance behavior and governance performance, and constructs the evaluation index of governance performance of media listed companies. Using the method of analysis of variance and panel data from 1998 to 2010, a comparison of the governance performance of the media and related industries shows that: the listed media companies dominated by state-owned shares, reflecting the political nature of the media; the media listed companies have higher profitability and Good development momentum, high return on investment, but high investment risk; external governance environment, internal governance structure, industry competition and company performance have a significant impact on governance performance; industry attributes and controlling shareholder governance behavior have a significant impact on governance performance; The profitability of private holding is better than that of state-owned holding; the return rate of shareholders with state-controlled listed companies with monopoly background is high, and the salary rate of privately controlled employees is high; the administrative governance behavior of media industry increases the agency cost; the strict system constraints make the information of listed companies Disclosure of high compliance, but poor performance of poor quality of industry information disclosure.