Media attention, debt financing level and corporate value

摘要

In order to solve the problem of media attention and private enterprises debt financing level and corporate value, we conducted research on 1306 A-share private listed companies in Shanghai and Shenzhen stock markets from 2014 to 2016. The research results show that the higher the level of media attention, the higher the debt financing level of private listed companies. In addition, although the media attention is beneficial to the improvement of the debt financing level of private listed companies, the loan effect brought by the media attention has a negative effect on the corporate value. These findings show that private enterprises need to strengthen their internal governance and external image building, fully recognize the importance and necessity of media reporting work, and publicize the company's positive reports to investors through the media.