在高度信息化的今天，媒体在市场经济中扮演着重要的角色。媒体的多样化报道在传递近期政策和企业行为等信息的同时通过舆论效应和政府干预等形成外部监督力量，近期已经成为国内外学术界研究的热点，它的公司治理功能也得到了初步认可。在影响公司经营发展的因素中，媒体监督是一项非正式的外部制度，内部控制则是实现管理目标，预防风险舞弊的内部治理机制。随着《企业内部控制基本规范》、《内部控制评价指引》及相关配套指引的颁布，政府监管层面开始重视从内部控制评价的角度来提高公司治理水平。房地产是国民经济的支柱型产业，也是深受媒体关注的行业，国家近几年的紧密调控政策无疑对该行业的经营管理提出了更高的要求。在此背景下，本文以房地产上市公司为样本，将内外管理机制相结合，研究媒体监督、内部控制与企业价值的关系，并对内部控制的中介作用进行深入探讨。

       首先，本文总结归纳了媒体监督、内部控制与企业价值间影响关系的相关文献，并从房地产行业实际情况出发，分析媒体监督与内部控制的现实情况。其次，在研究现状分析的基础上，结合委托代理理论、声誉机制理论和议题设置理论探究媒体监督、内部控制与企业价值间的内在影响，并提出相关假设。通过运用面板数据回归模型和Bootstrap中介检验模型对2014-2018年A股房地产行业上市公司的相关数据进行实证分析。实证结果表明，在房地产行业：（1）媒体监督与企业价值和内部控制间均存在显著的正相关关系，本文的媒体监督指标考虑了媒体报道内容的正负面倾向性，上述结论也表明媒体评价越倾向于正面的企业，其内部控制建设水平越好，企业价值越高。（2）不同主体类型的媒体监督作用存在差异，政策导向型与市场导向型媒体报道数量之比与内部控制正相关，与企业价值无显著关系。（3）内部控制能在媒体监督对企业价值的正向影响关系中发挥中介效应。

       最后，根据现状分析和实证研究结论，提议房地产行业从内部控制缺陷频发的环节着手，完善内部控制设计；通过内外监督机制相结合改善控制环境；积极披露内部控制缺陷的具体改进措施。同时，从监管媒体报道的真实独立性；引导媒体报道的深度和多元化；强化不同报道主体的作用三方面对提高媒体治理效应提出相应建议。

Nowadays, the media plays an important role in the market economy. The diversified media reports, while transmitting information such as recent policies and corporate behavior, form external supervisory forces through public opinion effect and government intervention, and have recently become a hot spot in academic research at home and abroad, and its corporate governance function has also been preliminarily recognized. Among the factors that affect the development of company management, media supervision is an informal external system, while internal control is the internal governance mechanism to achieve management objectives and prevent risk fraud. With the "Basic Standards of Internal Control in Enterprises","Guidelines for Internal Control Evaluation" and related supporting guidelines The government regulatory level began to focus on improving corporate governance from the perspective of internal control evaluation. Real estate is the pillar industry of the national economy and the industry that is deeply concerned by the media. The close regulation and control policy of the country in recent years undoubtedly puts forward higher requirements for the operation and management of the industry. Under this background, this paper takes the real estate listed company as the sample, combines the internal and external management mechanism, studies the relationship between media supervision, internal control and enterprise value, and deeply discusses the intermediary role of internal control.

First of all, this paper summarizes the relevant literature on the relationship between media supervision, internal control and enterprise value, and analyzes the reality of media supervision and internal control from the actual situation of the real estate industry. Secondly, based on the current research situation, combined with principal-agent theory, reputation mechanism theory and topic setting theory to explore the internal influence between media supervision, internal control and enterprise value and make assumptions, Through the use of panel data regression model and Bootstrap intermediary test model to real estate industry listed companies in 2014-2018 related data empirical analysis. The research results show that, in real estate industry: (1) There is a positive correlation between media supervision and enterprise value, and there is also a positive correlation between media supervision and internal control. The media monitoring of this paper takes into account the positive and negative content of media reports, so, the above conclusions also show that the enterprises’ related media reports more tend to be positive, the better their internal control construction level, the higher the value of enterprises. (2) There are differences in the role of media supervision of different subject types, and the ratio of the number of policy-oriented and market-oriented media reports has no significant relationship with the value of the enterprise, and is positively related to internal control. (3) The internal control can play a complementary mediation effect in the relationship between media supervision and enterprise value. 

    At the end of the paper, according to the current situation analysis and empirical conclusion, it is proposed that the real estate industry should pay attention to the frequent links of internal control defects, improve the internal control design; improve the control environment through the combination of internal and external supervision mechanism; and actively disclose the specific improvement measures of internal control. At the same time, put forward some suggestions which includes the supervision of the true independence of media reports; guide the depth and diversity of media reports; strengthen the role of different reporting subjects to improve the media governance effect.