媒体报道影响公司IPO融资成本吗?——来自深圳中小板上市公司的经验证据

Does the Media Reporting Affect Financing Cost of IPO?——Empirical Evidence from Chinese Listed Companies in Shenzhen

本文以2009-2012年在中小板上市的401家公司为研究对象,从媒体关注和媒体监督两个维度考察了媒体报道对公司IPO融资成本的影响。实证研究发现:媒体关注可以降低IPO的直接融资成本,但却会显著增加公司IPO的间接融资成本和总成本;媒体监督可以显著增加IPO的直接融资成本,但却降低了公司IPO的间接融资成本和总成本。上述结果表明,IPO公司因更重视直接融资成本的降低而抵制来自媒体的负面报道,政府相关监管部门为提高资本市场的融资效率与保护投资者权益,应鼓励更多的媒体负面报道以降低IPO融资的间接成本和总成本。

Using the data from 2009-2012 of 401 listed companies in the middle-smaU board, the paper examines the relationship between media reporting and financing cost of IPO from both dimensions of media coverage and media super- vision. The empirical results show that： media coverage can reduce the direct financing cost of IPO, but it can signifi- cantly increase the total and the indirect financing costs of IPO; media supervision can significantly increase the direct fi- nancing cost of IPO, but it will reduce the total and the indirect financing costs of IPO. Evidence also suggests that IPO companies will resist negative reports from the media due to paying more attention to reducing direct financing cost of IPO, however, relevant government regulatory authorities should encourage more negative media coverage to reduce the total and the indirect financing costs of IPO, in order to improve the financing efficiency of capital markets and protect in- vestors.