中文摘要：

媒体监督是否能发挥治理作用, 受自身报道偏好和报道强度的影响.为检验媒体治理的有效性,本文以倾向性匹配得分法控制内生性的干扰,并将报道强度异质性纳入考察范围,研究发现：只有多年持续报道能显著抑制薪酬的过快增长,媒体总体关注和集中报道则未发挥治理作用;按最终控制人性质分组检验后发现,不管是对民营企业,央企还是地方国企, 总体关注和集中报道均未发挥治理作用,而持续报道的治理作用只在国有企业中显著,且对央企的作用强于地方国企.表明媒体能在一定程度上发挥薪酬治理的作用,其作用方式依赖于政府介入以及持续报道形成的舆论压力,为深入研究媒体薪酬治理的作用机制和效果提供了经验证据.

英文摘要：

The media supervision is susceptible to its coverage bias and exposure intensity. We take the two effects intoconsideration and use the Propensity Score Matching method to retest the effectiveness of media supervision. Findings showthat only a continuous coverage over years can inhibit the excessive growth of the executive compensation, whereas no resultssupport the effects of the overall coverage and concentrated coverage. Wehn the difference in ultimate controller is taken intoconsideration, the overall coverage and concentrated coverage show no effect on either private enterprises or state-owned enterprises., and the continuos coverage only takes effect in the state-owned enterprises, especially in the central state-owned enterprises.This indicates the media supervision has its own limits, and its effect depends on the influence of government interventionand the pressure of public opinions generated by continuous coverage. . This research helps us better understand themedia function mechanism and influence scope.