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首页> 外文期刊>European Journal of Business and Management >Media Coverage, Ownership Nature and Debt Financing Costs of Listed Companies
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Media Coverage, Ownership Nature and Debt Financing Costs of Listed Companies

机译：上市公司的媒体报道，所有权性质和债务融资成本

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摘要

Based on the theories of reputation and asymmetric information, we use 5988 sample data of firms listed in Shenzhen and Shanghai stock exchanges in the period 2010-2014 and apply Heckman two-stage model to empirically test the impact mechanism of media coverage on debt financing costs of listed companies. We explore the impact of media coverage on the debt financing costs of the listed companies under different ownership nature. The results show that, media coverage has a significant impact on debt financing costs of listed companies, in which, positive media coverage reduces company’s debt financing costs while negative media coverage increases the company’s debt financing costs. Media coverage has a different impact on debt financing costs of listed firms with different nature of ownership. Specifically, with respect to state-owned enterprises, the impact of media coverage on easing debt financing costs is more apparent on non-state-owned enterprises. While with respect to non-state-owned enterprises, the impact of media coverage on increasing debt financing costs is more apparent on state-owned enterprises.
机译：基于声誉和信息不对称的理论，我们使用2010-2014年期间在深圳和上海证券交易所上市的公司的5988个样本数据，并运用Heckman两阶段模型对媒体报道对债务融资成本的影响机制进行实证检验。上市公司。我们探讨了媒体报道对不同所有权性质下上市公司债务融资成本的影响。结果表明，媒体报道对上市公司的债务融资成本有重大影响，其中，积极的媒体报道会降低公司的债务融资成本，而消极的媒体报道会增加公司的债务融资成本。媒体报道对所有权性质不同的上市公司债务融资成本的影响不同。具体而言，就国有企业而言，媒体报道对减轻债务融资成本的影响在非国有企业上更为明显。对于非国有企业而言，媒体报道对增加债务融资成本的影响在国有企业上更为明显。

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