媒体监督与债务融资成本——基于中国发债上市公司的经验证据

Media Monitoring and Cost of Debt： Based on the Experience Evidence of Chinese Bond Issuance of Listed Companies

以2008—2012年中国债券发行上市公司为样本,基于公司治理、信息不对称、感知风险理论以及投资者相对规模假说,本文检验了媒体监督与债务融资成本之间的关系。本文的研究表明,在控制相关变量情况下,媒体监督能显著降低企业的债务融资成本。在通过加入额外变量、采用工具变量法与PSM配对法等方法控制内生性后,本文结论仍然成立。本文同时发现,对于国有企业,或处于法制化水平低地区的企业,媒体监督降低企业债务融资成本的作用更大。最后,本文的结论也支持了媒体监督对于企业未来具有更高估值和较低风险的结论。

This essay tests the relationship between media monitoring and the cost of debt based on the theory of corporate governance, information asymmetry, perceived risk, and the hypothesis relative size of a firm＇s investor with the sample of Chinese bond issuance of listed companies from 2008 to 2012. The empirical results prove that the media monitoring can significantly lower down the cost of debt under the control of the relative variables. Then, we use additional variables, IV method and PSM match method to control the endoge- neity, and the result of this essay is consistent with the former. Meanwhile, we find that the media monitoring plays greater role in decreasing the cost of debt for the SOEs and enterpri- ses in the regions in which the legalization level are under-developed. Finally, the conclusions also support the idea that the media monitoring will bring the higher evaluation and lower risk in the future of the enterprises.