媒体报道、所有权性质与上市公司债务融资期限结构

发布时间：2018-02-26 14:04

本文关键词： 债务期限结构媒体报道所有权性质 Heckman两阶段模型　出处：《大连理工大学学报(社会科学版)》2017年03期 　论文类型：期刊论文

【摘要】：文章从信息不对称理论和声誉理论出发,实证检验了媒体报道对上市公司债务期限结构的影响机理,探讨了不同所有权性质下媒体报道对企业债务期限结构的差异影响。研究结果显示:媒体正面报道与上市公司债务期限结构呈正相关关系,即媒体正面报道越多,上市公司的债务期限结构越长;媒体负面报道与上市公司债务期限结构呈负相关关系,即媒体负面报道越少,上市公司的债务期限结构越长;媒体报道对不同所有权性质上市公司债务期限结构的影响存在差异,即相对于国有上市公司,媒体正面报道对非国有上市公司债务期限结构的正向作用更大,媒体负面报道对非国有上市公司债务期限结构的反向作用更小。
[Abstract]:Based on the information asymmetry theory and reputation theory, this paper empirically examines the mechanism of the influence of media reports on the debt maturity structure of listed companies. This paper discusses the influence of media reports on corporate debt maturity structure under different ownership properties. The results show that the positive media reports have a positive correlation with the debt maturity structure of listed companies, that is, the more positive media reports are, the more positive media reports are on the debt maturity structure of listed companies. The longer the debt maturity structure of listed companies, the negative relationship between negative media reports and debt maturity structure of listed companies, that is, the less negative media reports, the longer the debt maturity structure of listed companies. The influence of media reports on debt maturity structure of listed companies with different ownership is different, that is, compared with state-owned listed companies, positive media reports have more positive effect on debt maturity structure of non-state-owned listed companies. Negative media reports on non-state listed companies debt maturity structure of the reverse effect is less.
【作者单位】：大连理工大学管理与经济学部;
【基金】：国家自然科学基金重点项目:“非常规突发事件演化分析和应对决策的支持模型集成原理与方法”(91024029) 教育部人文社会科学研究青年基金项目:“制度环境对金融包容发展的影响:理论探索与中国的实证”(14YJC790020) 辽宁省教育厅科学研究一般项目:“媒体治理对上市公司会计信息质量的影响研究”(LN2016YB107)
【分类号】：F275;F832.51;G206

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