中文摘要：

作为公司外部治理机制之一，通过对信息的收集、处理和扩散，媒体在降低信息不对称的同时，影响着各类信息使用者对上市公司的风险感知。作为资本市场信息鉴证服务的提供者，审计师对企业风险的判断受到媒体负面报道的影响。基于事务所转制视角，本文以2009-2015年沪深A股上市公司为样本，实证分析媒体负面报道对审计契约稳定性的影响。研究发现，负面报道次数与审计师变更之间显著正相关；与转制前相比，转制后的负面报道对审计师变更的影响更加显著；按照地区法制环境和公司内部控制建设水平分组后，这些关系仅存在于在地区法制环境建设水平较高、公司内部控制质量较差的样本中。上述结论意味着我国基于市场竞争的声誉机制虽然尚不成熟，但审计师法律责任的强化是媒体发挥治理作用的重要路径，媒体扮演好监督角色对资本市场的健康发展具有重要意义。

英文摘要：

As one of the corporate external governance mechanisms, media can reduce the information asymmetry as well as affect all types of information users＇ risk perception through collecting, processing and diffusing information. As a pro- vider of information attestation services in capital market, auditors＇ judgments of corporate risk are influenced by negative media coverage. Based on transformation of auditors＇ organization and using the data from the Chinese listed companies in 2009-2015, the study examines the effects of negative media coverage on audit contract stability. Research finds that negative coverage time positively correlated with auditor changes and the relationship after the transformation is more sig- nificant than before the transformation ; this only occurs in the region with a better legal environment and in the company with a bad internal control. These results mean that the reputation mechanism which is based on market competition is not yet mature, while the improvement of legal institution is an important mechanism of media governance and the supervision role of media is of significant importance to the healthy development of capital market.