政治关联、媒体嵌入与公司无良行为间关系研究

In the last several years, many irresponsible corporate behaviors have been exposed by the media. At the same time, the media itself has also colluded with corporations in hiding such socially irresponsible actions. The net effect has incontrovertibly been a crisis of public trust. As is well known, the efficient functioning of financial markets depends crucially on the availability of credible information about securities; erosion of this trust can have serious implications for the development of financial markets and of the economy at large. Effective regulation of such irresponsible corporate behavior is, therefore, in the best interests of the smooth functioning of financial markets and of social stability and harmony. This project examines the tripartite relationship between the media, corporate managers and the government. It introduces theoretical, empirical and experimental methodologies to explore managerial motivations for corporate socially irresponsible behavior. In particular, we propose to look at how the media can be harnessed as an external governance mechanism to promote socially responsible corporate behavior. The project will focus on the following issues: (1) Political connections and socially irresponsible managerial behavior. The project will analyze the role of political connections in managerial misbehavior. It will take into account social reputation issues, economic benefits for the manager from such behavior, and collusion between the corporation and governmental agencies. (2) Media embeddedness and socially irresponsible managerial behavior. The project will analyze the role of the media in the corporate manipulation of society in connection with irresponsible managerial behavior. It will look at how embedded media interacting with politically connected elements encourage socially irresponsible corporate behavior. (3) Corporate social irresponsibility, media reportage and stakeholder reaction. The project will analyze the role of stakeholders in influencing media to affect corporate managerial behavior in a positive manner. We will look at how self-interested behavior by the media can be exploited through the involvement of stakeholders in beneficial ways to promote socially responsible corporate behavior. Stakeholders, in this context, would include not only stockholders, but also governmental agencies and society at large, all of which have an interest in "stability and harmony".

随着大量公司无良行为被媒体曝光而导致社会信任危机，如何有效约束公司无良行为成为关系到社会安定和谐的关键问题。本项目从高管与政府及媒体间关系出发，结合理论、实证及实验研究方法，对高管推动公司无良行为的动机展开分析，并指出通过发挥媒体的引导作用来激发外部治理效率是制约高管采取公司无良行为的关键。研究内容如下： （1）高管动机、政治关联与公司无良行为。从经济利益、政企依赖和社会声誉角度分析高管推动公司无良行为的动机，探讨高管政治关联与公司无良行为间关系。 （2）政治关联、媒体嵌入与公司无良行为。结合媒体可操纵和隐匿有关公司无良行为的信息这一特征，分析媒体嵌入如何与政治关联交互作用影响高管推行公司无良行为。 （3）公司无良、媒体报道及利益相关者反应。从激励媒体放弃嵌入无良公司的角度出发，发挥媒体引导外部利益相关者的作用，激发外部治理效率以约束高管施行公司无良行为，从而保障社会的"安定与和谐"。

近年来，随着媒体持续不断地曝光大批公司制造有害食品、污染环境等事件，我国产生了严重的社会信任危机。如何有效制约公司无良行为成为关系到社会“安定和谐”的关键问题。党的十八大报告也明确指出，妥善解决此问题是提高人民健康水平和建设美丽中国的重要保障。因此，本项目从高管与政府及媒体间关系出发，结合理论、实证及实验研究方法，对高管推动公司无良行为的动机展开分析，对企业社会责任的动因与经济后果展开探究，对媒体报道在公司无良行为和企业社会责任中的重要作用等进行剖析。在此基础上，取得了一些研究成果，包括SSCI检索的英文论文7篇，国家自然科学基金委管理学部认定的A类期刊论文4篇。得出了若干重要研究结论：（1）公司环境污染的无良行为发生后，媒体负面报道氛围能有效制约环境污染行为的再次发生；（2）基于社会绩效的评价方式能够降低高管采取环境污染的公司无良行为的动力； （3）媒体报道偏差的无良行为越严重，公司越有可能发布澄清公告。并且，公司发布的澄清公告对媒体无良行为具有治理作用；（4）受媒体关注的公司更加积极向灾区捐款；（5）官员更替期间，企业会战略性地进行慈善捐赠，以建立政商关系。并且，这影响了企业腐败的无量行为的产生；（6）公司慈善行为能够有效抵消媒体负面报道给公司带来的不利影响，从而增大公司的首日交易溢价。.本研究在理论上拓展了公司无良行为和企业社会责任领域的外延，具有重要的学术价值。同时，本研究为公司约束无良行为并履行社会责任提供了依据，为投资者提供了新的投资视角，为政府部门监管公司无良行为等实践提供了理论借鉴和经验参考。