媒体报道、媒体公信力与债务成本

摘要

本文首次将媒体公信力引入媒体研究的分析框架,分析媒体报道和媒体公信力对债务成本的影响,以及媒体公信力在媒体报道与债务成本之间的调节作用.研究发现,媒体报道数量与债务成本显著负相关,正面报道能够降低企业债务成本,负面报道则会增加债务成本.企业债务成本随着新闻转载量的增加而下降,报道中合有不明来源的消息会导致债务成本上升,但国有和官方媒体对债务成本的影响并不显著.进一步的研究表明,公信力的提升能强化正、负面报道对债务成本的作用.本文的研究拓展了信息中介影响债务成本的研究,对于加快媒体融合,更好发挥信息中介的公司治理作用,促进资源配置具有政策参考价值.%In our research,we introduce media credibility into media research analysis framework which broadens the existing researches on infomediary effect.We find the frequency of media exposure is significantly related with debt cost:(1) negative media exposure will increase the cost of corporate debt and positive news sharing on social network will decrease the cost.(2) Information from anonymous source will increase the cost of corporate debt.However,the effect from both state-owned and official media's coverage is not significant.Further research shows that the increase of credibility will enhance the effect of media coverage.Our research provides valuable reference for a quicker media convergence,better corporate governance of information intermediary,further promotion of resource allocation.