媒体关注、会计信息质量与企业债务融资成本

Discussion on the Relationship of Media Attention,Accounting Information Quality and Corporate Debt Financing Costs

以我国A股除金融行业外所有上市公司2015—2021年的相关财务数据为调研样本,探究媒体关注度以及不同性质的报道内容与企业债务融资成本的关系,分析了会计信息质量如何作用于媒体关注与企业债务融资成本的关系。实证结果表明,越受到媒体密切关注或被报道正面信息越多的企业,其债务筹资成本越低;而会计信息质量则增强了媒体报道企业的负面信息数量对其债务融资成本具有负向影响。

Taking the relevant financial data of all listed companies in China's A-share market from 2015 to 2021except the financial industry as the research sample,this paper explores the correlation between media attention,reports of different nature and corporate debt financing cost,and further studies how the quality of accounting information affects the relationship between media attention and corporate debt financing cost.The empirical results show that the more closely watched by the media or the more positive information of enterprise reported,the lower the debt financing cost;but the quality of accounting information enhances the negative impact of the amount of negative information reported by media on the cost of debt financing.