Abstract:

The media supervision is susceptible to its coverage bias and exposure intensity. We take the two effects into consideration and use the Propensity Score Matching method to retest the effectiveness of media supervision, and find that only the successively coverage can inhibit the excessive growth of the executive compensation, no results support the effects of the overall coverage and concentrative coverage, as we consider the difference in ultimate controller, the overall coverage and concentrative coverage show no effection in the central ，local state-owned or private enterprises, and the successively coverage take its effect in the state-owned enterprises, especially in the central enterprises. This indicates the media supervision has its own limits, and depends the successively coverage in the function mechanism and the influence of government intervention. This research helps us better understand the media function mechanism and influence scope.

摘要：

媒体监督是否能发挥治理作用，受自身报道偏好和报道强度的影响。为检验媒体治理的有效性，本文以倾向性匹配得分法控制内生性的干扰，并将报道强度异质性纳入考察范围，研究发现，只有多年持续报道能显著抑制薪酬的过快增长，媒体总体关注和集中报道则未发挥治理作用；按最终控制人性质分组检验后发现，不管是对民营企业，央企还是地方国企，总体关注和集中报道均未发挥治理作用，而持续报道的治理作用只在国有企业中显著，且对央企的作用强于地方国企。表明媒体能在一定程度上发挥薪酬治理的作用，其作用方式依赖于政府介入以及持续报道形成的舆论压力，为深入研究媒体薪酬治理的作用机制和效果提供了经验证据。