摘要
近年来,媒体的公司治理作用引起了越来越多的研究关注。本文以资本成本为着眼点,利用中国沪深A股上市公司2006-2008年的面板数据实证分析了媒体报道水平对降低公司权益成本和债务成本的积极作用。研究结果发现,媒体报道能够显著降低中国上市公司的权益成本和债务成本,即上市公司受到媒体的报道越多,其股权融资或债务融资所需支付的成本就越低。而且,本文进一步发现,媒体报道对上市公司权益成本的影响要显著大于对债务成本的影响。
In recent years, the governance role of media has drawn more and more research attention. From the perspective ofthe cost of capital, this study empirically analyzes the positive role of media coverage on reducing both the cost of equity and thecost of debt of Chinese listed companies by using the panel data during the period of 2006 to 2008. Our findings suggest that mediacov- erage can significantly reduce the cost of capital （including cost of equity and cost of debt） of Chinese listed companies.Moreover, the impact of media coverage on the cost of equity is significantly stronger than that on the costof debt.
出处
《投资研究》
北大核心
2012年第9期95-112,共18页
Review of Investment Studies
基金
福建省社科规划青年项目<媒体报道缓解资本市场信息不对称问题研究":法与金融"视角>(编号:2012C027)的资助
关键词
媒体报道
资本成本
权益成本
债务成本
Media coverage
Cost of capital
Cost of equity
Cost of debt
