中文摘要：

本文从中国上市公司违规频率的角度，直接研究媒体监督能否对公司治理产生影响，并挖掘其影响机制，同时详尽分析媒体监督对违规频率不同的公司的治理效果之差异，发掘出媒体监督治理作用的异质性。实证结果表明，媒体监督能够显著降低公司违规的频率，说明媒体监督确实可以起到外部治理的作用。进一步运用分位数回归模型研究发现，对于越是频繁违规的公司，媒体监督的治理效果越明显。另外还发现，媒体监督的治理效果逐年上升，说明我国媒体对上市公司的外部治理作用日益增强。最后本文还发现，媒体监督对公司治理产生作用的机制以行政介入机制为主而非声誉机制。

英文摘要：

This paper directly investigates the impact of media coverage on corporate governance as well as the mechanism, from the perspective of corporate fraud frequency, and also analyzes the different governance roles of media coverage on firms with different fraud frequency. The empirical results show that the media coverage does mitigate the frequency of corporate fraud, especially for the firms with more frequent frauds. This paper further discovers that the governance role of media coverage increased year by year. Finally, we find an evidence supporting the argument that the positive role of media coverage in corporate governance mainly works through the government involvement mechanism rather than the reputation mechanism.