媒体监督与债务融资成本——基于中国发债上市公司的经验证据  

Media Monitoring and Cost of Debt： Based on the Experience Evidence of Chinese Bond Issuance of Listed Companies

作　　者：林晚发[1] 李国平[2] 何剑波 周宏[1] 

机构地区：[1]中央财经大学会计学院 [2]中央财经大学管理科学与工程学院 [3]中国农业银行财务会计部

出　　处：《中国会计评论》2014年第3期479-498,共20页China Accounting Review

基　　金：国家自然科学基金(71172152);北京市教育委员会共建项目;北京市会计类专业群(改革试点)建设项目;中央财经大学青年科研创新团队支持计划;中央财经大学2013年博士研究生重点选题支持计划专项资助

摘　　要：以2008—2012年中国债券发行上市公司为样本,基于公司治理、信息不对称、感知风险理论以及投资者相对规模假说,本文检验了媒体监督与债务融资成本之间的关系。本文的研究表明,在控制相关变量情况下,媒体监督能显著降低企业的债务融资成本。在通过加入额外变量、采用工具变量法与PSM配对法等方法控制内生性后,本文结论仍然成立。本文同时发现,对于国有企业,或处于法制化水平低地区的企业,媒体监督降低企业债务融资成本的作用更大。最后,本文的结论也支持了媒体监督对于企业未来具有更高估值和较低风险的结论。This essay tests the relationship between media monitoring and the cost of debt based on the theory of corporate governance, information asymmetry, perceived risk, and the hypothesis relative size of a firm＇s investor with the sample of Chinese bond issuance of listed companies from 2008 to 2012. The empirical results prove that the media monitoring can significantly lower down the cost of debt under the control of the relative variables. Then, we use additional variables, IV method and PSM match method to control the endoge- neity, and the result of this essay is consistent with the former. Meanwhile, we find that the media monitoring plays greater role in decreasing the cost of debt for the SOEs and enterpri- ses in the regions in which the legalization level are under-developed. Finally, the conclusions also support the idea that the media monitoring will bring the higher evaluation and lower risk in the future of the enterprises.

关 键 词：媒体监督 债务融资成本 公司治理理论 信息不对称理论 

分 类 号：G206[文化科学—传播学] F275[经济管理—企业管理] F224[经济管理—国民经济]