金融生态环境、自媒体信息披露与企业投资规模——基于融资成本的中介效应检验  

Financial Ecological Environment,We-Media Information Disclosure and Enterprise Investment Scale——Analysis of the Mediating Effect Test Based on Financing Cost

作　　者：黄宏斌 王文利 牛煜文 Huang Hongbin;Wang Wenli;Niu Yuwen(Accounting School,Tianjin University of Finance and Economics,Tian Jin 300222,China;Huawei Marine Networks Co.,Ltd.,Tian Jin 300457,China)

机构地区：[1]天津财经大学会计学院,天津300222 [2]华为海洋网络有限公司,天津300457

出　　处：《金融发展研究》2020年第11期10-20,共11页Journal Of Financial Development Research

基　　金：国家自然科学基金面上项目“上市公司自媒体信息披露及互动的影响因素及经济后果:基于微博、微信的研究”(71872121);国家自然科学基金青年项目“投资者情绪、信贷融资与资源配置效率”(71402115);天津财经大学优秀青年学者资助计划“投资者情绪、企业融资决策及其经济后果研究”(YQ1507)。

摘　　要：本文利用多时点双重差分等多元回归模型,实证检验了自媒体信息披露对上市公司融资成本及投资规模的影响。结果发现:上市公司开通官方自媒体能显著提高投资规模,融资成本的降低在其中起到了部分中介的作用;上市公司自媒体信息披露通过降低融资成本进而提升投资规模的作用在金融生态环境较好的地区更加显著。进一步研究发现,自媒体信息披露能够显著降低上市公司的非效率投资。本文丰富了自媒体信息披露经济后果的研究,也为企业借助自媒体完善自身投融资行为提供了参考与借鉴。This paper empirically tests the effect of we-media information disclosure on the financing cost and the investment scale by using multi-time-point double-difference multiple regression model.The results show that the listed companies'opening of official we-media can significantly increase the investment scale of enterprises,in which the reduction of financing cost plays a part of mediating role;and the effect of we-media information disclosure on the improvement of the investment scale of enterprises is more significant in areas with better financial ecological environment.Further research shows that the information disclosure of we-media can significantly reduce the non-efficient investment of the listed companies.This paper enriches the research on the economic consequences of we-media information disclosure and also provides reference for enterprises to improve their investment and financing behaviors through we-media.

关 键 词：自媒体信息披露 融资成本 投资规模 中介效应 金融生态环境 

分 类 号：F832.5[经济管理—金融学]