媒体报道与企业资本结构动态调整

发布时间：2018-08-26 20:46

【摘要】：本文通过手工搜集和整理2000-2014年间中国A股上市公司的媒体报道数据,实证研究了媒体报道对企业资本结构动态调整的影响。结果发现,媒体报道在企业的资本结构动态调整中发挥了正面影响,显著提高了企业的调整速度。具体的作用路径为:媒体报道水平越高,企业在低于目标水平时,增加负债的概率越大;而在高于目标水平时,偿还债务和发行股票的概率越大。进一步分情景检验,本文还发现:当企业经历负面事件时,媒体报道的正向影响有所减弱。相反,当企业的分析师关注程度越低或业务复杂程度越高时,媒体报道的影响越大。这些发现为媒体报道在企业资本结构动态调整中发挥积极的信息中介作用提供了直接证据。
[Abstract]:By collecting and collating the data of Chinese A-share listed companies' media reports from 2000 to 2014, this paper empirically studies the influence of media reports on the dynamic adjustment of corporate capital structure. The results show that media reports play a positive role in the dynamic adjustment of the capital structure of enterprises, and significantly improve the adjustment speed of enterprises. The specific action path is as follows: the higher the media reporting level, the greater the probability of increasing debt when the enterprise is below the target level, and the greater the probability of debt repayment and issuing stocks is when the level is higher than the target level. Furthermore, the paper also finds that the positive impact of media reports weakens when enterprises experience negative events. On the contrary, media coverage has a greater impact when corporate analysts pay less attention or business is more complex. These findings provide direct evidence for media reports to play an active role as information intermediary in the dynamic adjustment of corporate capital structure.
【作者单位】：首都经济贸易大学会计学院;北京工商大学商学院;中央财经大学会计学院;
【基金】：首都经济贸易大学青年教师科研项目启动基金(00691654490321;00691654490322) 国家社科基金重大课题(14ZDA027) 北京市属高等学校高层次人才引进与培养计划项目(CIT&TCD201404036) 北京工商大学国有资产管理协同创新中心的资助
【分类号】：F275

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