媒体报道、外部治理与股权融资成本

Media Report, External Governance and Capital Financing Cost

基于2007-2013年上市公司媒体报道数据,研究媒体报道对股权融资成本的影响。研究发现,媒体报道发挥了公司治理作用,媒体曝光度的增加降低了股权融资成本,报道语气越正面,融资成本越低。进一步检验外部治理机制对两者关系的增量作用时发现,机构持股比例较低和分析师跟进数量较少的公司,媒体报道与股权融资成本的负向关系更为显著。上述结论在采用替代指标衡量融资成本和控制内生性问题后依然稳健。

This paper studied the relationship between media reports and capital financingcost based on the media reports data of listed companies during 2007 to 2013 in China. The results show that media reports actually have the effect of corporate governance,and the increase of media exposure has definitely reduced capital financing cost. The more positive the reports are, the lower the cost is. We further studied the mediation effect of external governance mechanism. The result reveals that, the negative relationship between media reports and capital financing cost is more obvious in firms with fewer shareholding ratios or less analyst following. And above results are still true after using substitute indicators measuring financing cost or controlling endogenous problems.