媒体报道能缓解企业融资约束吗? 基于商业信用融资视角

Can Media Coverage Alleviate Firms’ Financing Constraints?From the Perspective of Trade Credit Financing

利用2008-2015年中国A股上市公司的经验数据,从商业信用融资视角考察了媒体报道对企业融资约束的影响。研究发现:企业受到的媒体报道越多,融资约束越低;当区分报道倾向后,非负面报道对融资约束具有缓解作用,而负面媒体报道相反产生加剧作用。进一步研究发现,媒体报道有助于融资约束企业获得更多商业信用融资以纡困,尤其是当供应商集中度较高时。此外,当信息不对称程度较高、内部治理质量较低、受到权威媒体报道更多时,媒体报道对融资约束的缓解作用更强。媒体报道在民营与国有企业均有助于缓解融资约束,但对民营企业更多的是通过获取商业信用融资实现,而对国有企业则更多的是通过获取银行信贷融资实现。研究结果表明,政府应不断加强对新闻媒体尤其是权威媒体的治理与监管,提高媒体信息传播质量,这对于深化金融供给侧结构性改革大有助益。

Using the empirical data of China s A-share listed companies from2008 to 2015, this paper investigates the effect of media coverage on firms financing constraints (FCs) based on the perspective of trade credit financing. The study finds that firms with more media coverage have lower level of FCs. After distinguishing the report tendency, it shows that non-negative reports have alleviating effects on financing constraints, while negative media reports have adverse impacts on firms FCs. Further study finds that the media coverage help firms to obtain more trade credit financing from FCs, especially when suppliers of the firms are highly concentrated. The study also finds that when firms have higher level of asymmetric information, lower quality of corporate governance, and more reports covered by authoritative media, the alleviation effect of media on FCs is stronger. Media coverage can alleviate both private and state- owned enterprises FCs. As for private-owned enterprises, it s largely achieved by acquiring trade credit financing, while for state-owned enterprises it s largely achieved by acquiring bank credit financing. The research results indicate that the government should continuously strengthen the governance and supervision of the media, especially the authoritative media, and improve the quality of media information dissemination, which will greatly help deepen the structural reform of the financial supply side.