媒体报道、媒体公信力与融资约束

Media Coverage,Media Credibility and Financing Constraints

首次将媒体公信力引入媒体研究的分析框架,研究媒体报道、媒体公信力对融资约束的影响。论文以资本成本为切入点考察融资约束问题,研究发现:媒体报道数量与资本成本负相关,正面报道能降低资本成本,负面报道对资本成本的影响并不显著。随着官方媒体和新闻转载量的增加,企业资本成本下降,报道中含有不明来源的消息会提高企业资本成本。进一步的研究表明,公信力的提升能强化正面报道降低资本成本的作用。文章丰富了媒体公司治理的相关文献,为监管部门、媒体和投资者提供了政策依据和决策参考。

This paper originally merged media credibility into media analytical framework in order to study the impact of media coverage and media credibility on financial constraints from the perspective of the cost of capital. We found that the cost of capital is negatively associated with media coverage. Favorable coverage is positively associated with the cost of capital, while unfavorable coverage doesn＇t have significantly effect. The more media coverage by state press, the higher the cost of capital. The cost of capital will rise followed by media reports with unidentified sources. Furthermore, media credibility reinforces favorable coverage effect on the cost of capital. This paper enriches literature about media study. Based on these findings ,we gave some suggestions for regulators ,medias and investors.