Impact of news reporting tendency on the interests of listed companies' shareholders: Mediating effect of media interaction

This article proposes the new method of intrinsic connection, which is combining the theory of corporate governance, information economics and media interaction intermediary effect. It's important to analyze news reports that influence on shareholders for insufficient analysis of corporate governance during many listed companies transition from the "by" media attention to the strategic "tilt" media in the recent years. We analyze the economic pressure of the tendency report on the factors such as earnings per share, net assets yield and book value, and reveal the real motivation of "media association" of listed companies, using the method of single variable multi-factor coupling and the related data of China's A-share listed company's financial and media. The research shows that: 1) The high-intensity news reporting tendency contributes to the mediating effect of media information, thus improving the interests of shareholders and their relationship with listed companies; 2) The effect of media incentive is more obvious in positive media report tendency samples; 3) The high degree of marketization of the listed companies strengthens the relationship between them. When the variable of macro-environmental administrative penalty is controlled, the empirical results are still significant. This paper deepens the cognition of the media's corporate governance effect and associated motivation, and helps to realize the value of listed companies and improve their relationship with major stakeholders.