CAJ | 학술논문

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.
이중국호심량시2004-2012년간적상시공사위연구양본,재공제양본선택편오적기출상,발현매체감독통과성예궤제현저증강상관상시공사적융자약속;재구분공사적소유권성질후,발현상비우국유공고공사,매체감독대민영공고공사산생경강적융자약속작용.매체대소비품이외적기타행업급대기업산품질량문제적폭광,야구유경강적융자약속작용.종융자약속적각도실증고찰료매체보도적효과,반영료매체작위외부치리궤제구유우화금융자원배치적직능,봉부료매체작용궤제화융자이론등상관문헌.
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 con-straints 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 en-riched the related literature of the media mechanism and the financing theory.