[1]梁红玉.媒体监督的融资约束效应[J].金融教育研究,2015,(05):10-17.
　LIANG Hongyu.Effects of Financing Constraints of Media Supervision[J].,2015,(05):10-17.
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媒体监督的融资约束效应()
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《金融教育研究》[ISSN:1006-6977/CN:61-1281/TN]

卷:
期数:
2015年05期
页码:
10-17
栏目:
金融理论探讨
出版日期:
2015-10-30

文章信息/Info

Title:
Effects of Financing Constraints of Media Supervision
文章编号:
2095-0098(2015)05-0010-08
作者:
梁红玉
广东财经大学 金融学院,广东 广州 510320
Author(s):
LIANG Hongyu
School ofFinance,Guangdong University of Finance and Economics,Guangzhou,Guangdong 510320,China
关键词:
媒体监督;  融资约束;  声誉机制;  倾向得分匹配法
Keywords:
media supervision;  financial constraints;  reputation mechanism;  propensity score matching
分类号:
F830.9
文献标志码:
A
摘要:
以中国沪深两市2004-2012年间的上市公司为研究样本,在控制样本选择偏误的基础上,发现媒体监督通过声誉机制显著增强相关上市公司的融资约束; 在区分公司的所有权性质后,发现相比于国有控股公司,媒体监督对民营控股公司产生更强的融资约束作用。媒体对消费品以外的其他行业及对企业产品质量问题的曝光,也具有更强的融资约束作用。从融资约束的角度实证考察了媒体报道的效果,反映了媒体作为外部治理机制具有优化金融资源配置的职能,丰富了媒体作用机制和融资理论等相关文献。
Abstract:
Taking China’s listed companies in Shanghai and Shenzhen from 2004 to 2012 as research samples,on the basis of the control sample selection bias,this paper found that the media supervision significantly enhanced the financing constraints of the related companies through the reputation mechanism.After distinguishing the nature of the ownership of the company,we found that compared with the state-owned holding company,the financing constraints effects of media supervision to private holding company is stronger.It also has stronger financing constraints if the media expose other industries and the problems with product quality.For the first time,this paper made an empirical research of the media effects from the perspective of financing constraints,it reflected that,as an external governance mechanism,the media has the function of the optimize financial resource allocation,and it enriched the related literature of the media mechanism and the financing theory.

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备注/Memo

备注/Memo:
收稿日期:2015-06-28
基金项目:教育部人文社会科学研究青年基金项目“媒体监督、政府审计与国家经济安全研究”(13YJC790194)
作者简介:梁红玉(1982-),女,广东高州人,博士,讲师,主要研究方向为公司金融。
更新日期/Last Update: 2015-10-30