Abstract: Corporate violations have become increasingly common due to imperfect law and low institutional efficiency. To explore the governance mechanism of media, this paper empirically examines the impact of the net tone of financial newspapers on the punishments received by companies, based on data from listed firms between 2010 and 2023. The results indicate that the more negative the net tone of financial news in newspapers, the more likely listed companies are to face punishment, with the severity of the punishment potentially increasing. Further analyses show that the tone of online financial media news strengthens the influence of newspaper coverage on the punitive supervision of regulatory agencies. The heated discussions about problem companies on “stock forum” partially mediate the relationship newspaper coverage and the severity of corporate punishment. In other words, the net tone of financial news in newspapers intensifies the degree of punishment by stimulating increased discussion on “stock forum”. This paper explores the possible interaction between various types of media and analyzes the corporate governance mechanism of media coverage from a new perspective.

Key words: media coverage, administrative punishment, corporate governance, agenda setting

摘要： 在企业违规频发的背景下，为进一步丰富媒体的治理机制研究，选取2010~2023年期间的上市公司作为研究样本，实证检验了报刊财经类媒体新闻报道对上市公司受到行政处罚的影响。研究发现，报刊财经新闻语调越负面，上市公司越容易受到处罚，且受到处罚的程度越严重。进一步研究表明，网络财经类媒体新闻报道负面语调强化了报纸媒体对监管机构处罚性监管的影响，符合媒体报道中的议程设定理论。“股吧论坛”上对问题公司的讨论度在报刊媒体与企业受到的行政处罚程度之间的关系中起到部分中介作用，即报刊财经新闻净语调通过增强“股吧论坛”讨论度进而加深企业受到的行政处罚程度。探究了各类媒体之间可能存在的相互作用关系，从新的视角丰富了媒体报道的公司治理机制研究。

关键词: 媒体报道, 行政处罚, 公司治理, 议程设定