摘 要

世界上媒体报道对上市公司管理层私有收益的影响研究始于1976年，而我国对于这方面的研究落后很多，在国外企业制度发展逐渐完善时，我国企业才开始意识到媒体报道对管理层私有收益的重要性。全球金融危机爆发以来，我国国有企业、上市公司等管理层薪酬与工作不对等引发的暴乱频出不穷，“天价薪酬”和“零薪酬”并存的乱象丛生，管理层的权力越大，意味着其获取的私有收益越高，薪酬与操纵业绩之间的敏感性越大，而随着权力的增长，管理层偏向运用盈余操纵获取绩效薪酬。随着我国建立和完善的市场经济体制，政府在企业薪酬方面颁布了大量的法律法规。

本文在国内外学者的研究基础上，借鉴西方，根据本国国情结合具体实践，利用线性回归模型，对媒体报道数量与管理层私有收益之间的关系进行分析和研究，探讨了媒体监督对上市公司管理层私有收益的影响，并针对房地产行业相关数据进行了回归分析。文中选取10家典型房地产上市公司进行分析，又通过对三家更具代表性的公司进行具体研究，通过薪酬奖金、营业收入、股东净利润等指标对房地产行业5年来的发展状况进行分析，通过直观数据来发现我国媒体监督对房地产行业管理层私有收益的影响。

通过分析建立模型数据，从而将数据建立回归模型并分析回归模型的结果，我们可以从当前国内的研究数据，直观的分析出媒体监督与房地产上市公司管理层之间的关系，并得出管理层私有收益有什么样的影响，如何影响。

本文研究的主要目的在于，如何让媒体监督尽可能的发挥作用来缩小管理层对其私有收益的控制。中国正处在经济制度转轨阶段，该问题对制度改善有着重要作用及影响，探讨媒体监督与管理层私有收益之间的关联性，并对如何引导媒体监督对管理层私有收益的影响向好的方面发展势在必行，只有在两者之间找到平衡，才能更好地为企业发展提供帮助，这也是论文整体表达的结论。

关键词：媒体监督 ；上市公司 ；管理层 ；私有收益

The influence of media supervision on the private benefits of the management of the listing Corporation

ABSTRACT

The world media reports of Listed Companies in the management of private benefits of began in 1976, and in China for the research behind a lot, in the development of the foreign enterprise system gradually improved, enterprises of our country began to aware of the media reports on the management of private benefits to. Since the outbreak of the global financial crisis, China's state-owned enterprises, listed companies and other management salary and work not triggered riots frequent not poor, "price compensation" and "zero compensation" of the coexistence of chaos, more power management means to obtain higher private benefits, compensation and control performance of the much more sensitive has subsequently showed that along with the increase of rights, management tend to use the earnings manipulation to obtain compensation performance. With the establishment and improvement of China's market economy system, the government has issued a lot of laws and regulations in the aspect of enterprise's salary.

On the basis of the study on the domestic and foreign scholars, draw lessons from the west, according to their national conditions, combined with practice, using linear regression model, carries on the analysis and the research to the relationship between media reports quantity and management of private benefits, discusses the influence of media supervision of Listed Companies in the management of private benefits, and aimed at real estate industry related data to carry on the regression analysis. This paper selects 10 typical real estate listed companies were analyzed through for three more representative of the company to carry out a detailed research and development of real estate industry in 5 years through the salary and bonuses, business income, net profit to shareholders and other indicators analysis, through data and intuitive to find influence of media supervision of our country of the real estate industry management private benefits.

By analyzing the establishment of data model, so as to establish a data regression model and analysis of the results of regression model, we can from the current domestic research data and intuitive analysis of the media supervision and real estate listed company management layer between the relationship, and that management of private benefits have what kind of impact, how to influence.

The main purpose of this paper is to make the media supervision as far as possible to play a role in reducing the management of its private benefits of control. This is the whole expression of conclusions, China is at a stage of economic system transition, the problem to improve the system has a important function and influence, to investigate the association between the media supervision and management of private benefits, and the effects of how to guide the media supervision on the management of private benefits of turnaround is imperative, only find that balance between the two, in order to better for enterprise development to help.

Keywords: Media Monitoring ；Listed Companies ；Management ；Private Benefits

目 录

第一章 绪论 1

1.1研究背景 1

1.2研究意义 1

1.3研究方法和内容 1

1.4本文创新与不足 2

1.4.1创新 2

1.4.2不足 3

第二章 文献综述和理论分析 4

2.1高管私有收益的概念 4

2.2国外文献综述 5

2.3国内文献综述 6

2.4网络媒体监督上市公司管理层的现状 7

2.5媒体监督对上市公司管理层私有收益的作用 8

第三章 房地产上市公司私有收益数据分析 9

3.1样本数据搜集 9

3.1.1房地产上市公司员工学历结构分析实例 9

3.1.2房地产上市公司员工专业分析实例 10

3.2总样本统计分析 18