媒体关注、报道情绪与资本结构调整速度——实证检验与机制分析  

作　　者：张志强[1] 田新民[1] 

机构地区：[1]首都经济贸易大学经济学院

出　　处：《企业经济》2020年第2期99-106,共8页Enterprise Economy

基　　金：国家自然科学基金青年项目“跳跃风险与股指期货套期保值：基于低频和高频市场信息的研究”（项目编号：71401112）;首都经济贸易大学研究生科技创新项目“个体投资者关注、分析师覆盖与特质波动率”（项目编号：18CUEB015）

摘　　要：新闻媒体可以有效地降低企业信息不对称、金融摩擦、资本成本以及管理者代理等问题。就媒体关注和报道情绪对资本结构调整速度的影响进行了机制分析和异质性检验,研究发现:随着媒体关注和报道情绪的加强,企业资本结构调整速度会得到提高;媒体关注和报道情绪会通过信息传播渠道以及外部监管渠道对企业资本结构调整速度产生影响,并且乐观报道情绪在信息传播渠道中发挥效应更强;悲观报道情绪则更加体现出企业外部监管的作用。为提高企业外部治理水平,相关部门应有区别地发挥媒体的信息传递和外部监督作用,增加媒体报道效率、增强企业和媒体沟通、提升资本市场中资源配置效率。News media can effectively reduce corporate information asymmetry,financial friction,capital costs,and corporate agency issues.This paper conducts a mechanism analysis and heterogeneity test on the influence of media attention and reporting mood on the speed of capital structure adjustment.The study shows that,with the increase in media attention and reporting mood,the speed of corporate capital structure adjustment will be improved;media attention and reporting mood will affect the speed of corporate capital structure adjustment through information dissemination channels and external supervision channels,and the optimistic reporting mood will play a stronger role in information dissemination channels,while the pessimistic reporting mood will more reflect the role of external supervision.Therefore,in order to improve the external governance of enterprises,the relevant departments should give play to the role of media information transmission and external supervision,increase the efficiency of media reporting,enhance communication between enterprises and media,and improve the efficiency of resource allocation in capital markets.

关 键 词：媒体关注 报道情绪 资本结构 传播渠道 监管渠道 

分 类 号：F272.3[经济管理—企业管理]