网络舆论关注会影响商业信用融资吗?  

Does Internet Public Opinion Affect Trade Credit Financing?

作　　者：董竹 李有文[2] DONG Zhu;LI Youwen(Center for Quantitative Economics,Jilin University,Changchun 130012,China;School of Business and Managements,Jilin University,Changchun 130012,China)

机构地区：[1]吉林大学数量经济研究中心,吉林长春130012 [2]吉林大学商学与管理学院,吉林长春130012

出　　处：《东北大学学报（社会科学版）》2024年第3期43-54,共12页Journal of Northeastern University(Social Science)

基　　金：国家社会科学基金资助项目(SKZ2021069);吉林省社会科学基金资助项目(2021A19)。

摘　　要：以2010—2020年中国A股上市公司为研究对象,探究网络舆论关注对商业信用融资的影响,实证结果表明:网络舆论关注与商业信用融资存在显著的负向关系,在经过更换度量方式、使用一阶差分模型、Heckman两步法等稳健性检验与内生性讨论后研究结论依然成立。作用机理分析表明,网络舆论关注通过降低信息披露质量与加剧企业金融化抑制了企业的商业信用融资规模,支持了“市场压力”假说。进一步分析显示,在高管压力敏感性较高、行业竞争较强、非制造业企业以及东部地区企业中,网络舆论关注的负向影响更加显著。The Chinese A-share listed companies from 2010 to 2020 are taken as the research object to empirically test the relationship between internet public opinion and trade credit financing.It is found that internet public opinion significantly inhibits trade credit financing and the conclusion still holds valid after a series of robustness tests andendogeneity discussions such as changing the measurement method,using the first-order difference model,and Heckman two-step method.The mechanism analysis shows that internet public opinion can reduce the quality of information disclosure and increase the financialization of enterprises,which inhibits the scale of trade credit financing and supports the“market pressure”hypothesis.Further analysis shows that the negative impact of online public opinion concerns is more significant among companies with higher executive stress sensitivity,more competitive industries,non-manufacturing companies,and companies in the eastern region.

关 键 词：网络舆论关注 商业信用融资 信息披露质量 企业金融化 

分 类 号：F273.4[经济管理—企业管理]