媒体关注与国有企业高质量发展——基于内部控制的路径分析

利用2012—2019年沪深两市A股上市商业类国有企业为研究对象，考察媒体关注和内部控制对国有企业高质量发展的影响及其共同作用的影响结果。研究结果表明：媒体关注、内部控制促进了国有企业高质量发展；在媒体关注影响公司治理的过程中，内部控制起到了中介作用，同时媒体关注对国有企业高质量发展的促进作用在内部控制质量较低的企业中更显著。在采用工具变量法、系统GMM法及其他一系列稳健性检验后，该结论依然成立。研究拓宽了内外部治理机制的理论研究边界，为国家利用外部监督机制监督国有企业提供有了理论依据。

Media Attention and High-quality Development of State-owned Enterprises-Path Analysis Based on Internal Control

This paper,using the commercial state-owned enterprises listed on A-shares in Shanghai and Shenzhen stock markets from 2012 to 2019 as the research object,investigates the influence of media attention and internal control on the high-quality development of state-owned enterprises.The results show that media attention and internal control promote the high-quality development of state-owned enterprises;in the process of media attention affecting corporate governance,internal control plays an intermediary role;at the same time,the role of media attention in promoting the high-quality development of state-owned enterprises is more significant in enterprises with lower quality of internal control.After the use of tool variable method,systematic GMM method and a series of other robustness tests,this conclusion is still valid.The research broadens the theoretical research boundary of internal and external governance mechanism,and provides a theoretical basis for the state to use external supervision mechanism to supervise state-owned enterprises.