新闻发言人能否改进国有企业公司治理？--基于违规处罚和代理成本双重视角的经验证据

摘要

本文以2000—2010年中国证券市场A股国有上市公司为样本，从违规处罚和代理成本双重视角实证分析了新闻发言人对公司治理的影响。研究结果表明，新闻发言人显著促进了公司治理水平的提升，表现为设立新闻发言人的国有上市公司具有更高的违规处罚概率和更低的代理成本。进一步的分组测试结果显示，在公司治理较差的国有上市公司中，新闻发言人对于公司治理的提升作用更加显著，反映出新闻发言人是弱公司治理的有效替代机制之一。%Using A-share listed SOEs from 2000 to 2010 in China's capital markets as sample ,this study empirically analyzes the influence of spokesman on corporate governance from penalties of fraud and agency costs perspectives .The results show that spokesman improves corporate governance significantly ;in particular , there are higher probabilities of fraud penalties and lower agency costs in companies with spokesman .Further group tests shows that the promotion of spokesman on corporate governance is more significant in companies with weaker corporate governance systems , which reflects spokesman is an effective substitution of weak corporate governance .