媒体曝光度、信息披露环境与权益资本成本

Media Coverage,Information Disclosure Environment and Equity Cost

媒体发挥着公司治理和信息传播的双重作用,这有助于减少投资者与公司间的信息不对称,而信息不对称程度的降低会减少公司的融资成本。本文选取2007年之前上市A股公司为样本,实证检验了媒体曝光度对权益资本成本的影响。研究发现媒体报道有助于降低公司权益资本成本。研究还进一步发现在市场化程度越低的地区,媒体报道对权益资本成本的影响力越强;在非国有企业中,机构投资者持股比例越高,媒体报道对权益资本成本的影响力越强。

Media plays an important role in corporate governance and information transmission,which helps to reduce the information asymmetry between investors and corporation,and then reduce the equity cost. This study analyzes the effect of media coverage on the cost of equity by using the Chinese companies listed before 2007. We found that media coverage plays a positive role on reducing the equity cost. Furthermore,the effect of media on equity cost is significantly stronger when the companies located in the Lower Marketization regions and moreover among the non- state owned companies,the existence of institutional investors strengthens the impact of media coverage on equity cost.