As the most important external mechanism of corporate governance，the media can strengthen the disclosure of information，collection and diffusion，reduce the information gathering costs，and greatly affect the companys management behavior.Through the study of this paper，the role of media supervision can improve the ability of enterprises to deal with the risk in the operation.This paper intends to disclose how the media influences the managers decision making.The result shows that the stronger the governance effect of the media is，the more conducive to strengthening the investment decision of the enterprises in the process of risk preference，and thus encouraging enterprises to bear the risk of the project more skillfully.This shows that the media can play a role in external governance.Media disclosure has a significant impact on the non state owned listing corporation，and the impact is more prominent in more awareness environment of investor protection.