作　　者： ; (李力）;

机构地区： 哈尔滨工业大学深圳研究生院

出　　处： 《财经论丛》 2017年第12期79-87,共9页

摘　　要： 媒体报道在企业治理、舆论监督和信息传递方面发挥了重要的作用。本研究以2009~2014年中国重污染行业上市企业为样本,考察在市场化进程中,媒体报道对企业股权融资成本的影响。实证结果表明,关于企业低碳活动的媒体报道越多,企业股权融资成本越低。进一步研究结果表明,市场化进程弱化了媒体报道与股权融资成本的负相关关系,市场化进程与媒体报道存在一定程度的替代效应。 Media reporting plays an important role in corporate governance,supervision by public opinion and information transfer. This study takes the listed companies of heavy pollution industry in China from 2009 to 2014 as samples to test the relationship between media reporting and the cost of equity financing in the marketization process. The empirical results show that the more media reporting about enterprises' low-carbon activities,the lower the cost of equity financing is. Results further indicate that the marketization process weakens the negative correlation between media reporting and the cost of equity financing,and that there is a certain degree of substitution effect between the marketization process and media reporting.

关 键 词： 媒体报道 市场化进程 股权融资成本 重污染行业

领　　域： [经济管理—政治经济学]