腐败、媒体关注与权益资本成本

Corruption, Media Attention and the Cost of Equity Capital

以2008―2017年中国A股上市公司为研究样本,本文实证考察腐败、媒体关注与权益资本成本之间的关系。研究结果表明:腐败与权益资本成本存在显著的正相关关系,而媒体关注对腐败与权益资本成本之间的正相关关系存在缓解作用。进一步分析发现,媒体关注对腐败与权益资本成本之间关系的影响在民营企业中更加明显。本文从理论上支持在中国资本市场上积极响应反腐败潮流的现实举措,并且大力加强舆论环境建设,充分发挥媒体作用,更有效遏制腐败现象滋生蔓延,对投资者利益形成外部保护,有利于更好地降低公司的权益资本成本,促进市场资源有效配置,推动资本市场健康发展。

Taking Chinese A-share listed companies from 2008 to 2017 as the research sample,this paper empirically examines the relationship between corruption,media coverage and cost of equity capital.The results show that corruption has a significant positive correlation with the cost of equity capital,but media coverage mitigates the positive correlation between corruption and the cost of equity capital.Further analysis shows that the impact of media coverage on the relationship between corruption and the cost of equity capital is more obvious in private enterprises.In theory,this paper supports the practical measures to respond positively to the anti-corruption trend in China’s capital market,strengthens vigorously the construction of public opinion environment,gives full play to the role of the media,more effectively curbs the growth and spread of corruption,forms external protection for investors’interests,is conducive to better reduce the cost of equity capital of the company,promotes the effective allocation of market resources,and promotes the healthy development of the capital market.