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媒体报道的信息中介作用:来自我国银行授信的证据
引用本文:邵志浩,才国伟.媒体报道的信息中介作用:来自我国银行授信的证据[J].国际金融研究,2020(1):86-96.
作者姓名:邵志浩  才国伟
作者单位:青岛大学经济学院;中山大学岭南学院
基金项目:国家自然科学基金项目“媒体报道与公司治理:监督企业还是被企业捕获?”(71372146);山东省社会科学规划研究项目“负面事件曝光期山东省企业的策略性媒体管理行为研究”(19DJJJ02)资助
摘    要:本文基于中国上市公司的媒体报道数据,实证检验了媒体报道对企业获取银行授信的影响。研究发现,在整体上,新闻媒体发挥了重要的信息中介作用;媒体关注度越高、正面报道倾向越强,企业越容易获取银行授信。进一步研究表明,媒体报道对银行授信的作用主要存在于非国有企业、市场化程度高的地区和资产负债率高的企业中;媒体报道对银行授信的影响存在一定的中长期效应;与负面报道相比,媒体正面报道在银行授信中的作用更为显著。本文不仅丰富了媒体报道与银行授信领域的研究,而且为新闻媒体信息中介作用的有效发挥提供了政策启示。

关 键 词:媒体报道  银行授信  信息中介

The Information Intermediary Role of Media Coverage:Evidence from Bank Lines of Credit in China
Shao Zhihao,Cai Guowei.The Information Intermediary Role of Media Coverage:Evidence from Bank Lines of Credit in China[J].Studies of International Finance,2020(1):86-96.
Authors:Shao Zhihao  Cai Guowei
Institution:(School of Economics,Qingdao University;Lingnan College,Sun Yat-sen University)
Abstract:The convenience,rapidity and sustainability of capital source make bank lines of credit become an important part of corporate liquidity management and financing policy.The media can increase the information transparency of enterprises by disseminating information,effectively reduce the information asymmetry between banks and enterprises,and to some extent affect the access of credit resources of enterprises.Based on the media coverage data of the Chinese listed companies,this paper tests the influence of media coverage on bank lines of credit empirically.The research finds that,on the whole,media plays an important information intermediary role.The higher the media attention,the stronger the media positive coverage slant,the easier for enterprises to obtain bank lines of credit.Further study finds that the role of media coverage in bank lines of credit mainly exists in non-state-owned enterprises,high marketization companies and enterprises with high asset liability ratio.There is a medium and long term effect of media coverage on bank lines of credit.Compared with negative coverage,positive media coverage is more significant in bank lines of credit.The marginal contribution of this paper is as follows.First,using the large sample media coverage data collected and collated by hand,this paper tests the information intermediary role of media coverage in the credit market from the perspective of bank lines of credit,and enriches the research on the role of media coverage at the corporate level.Second,the existing literature mainly relies on the short-term loan,long-term loan and other on-balance sheet indicators to measure the way of corporate credit financing.This paper studies the information intermediary role of media coverage from the bank lines of credit,an important off-balance sheet financing project,and expands the research in the field of bank lines of credit and corporate financing.Thirdly,considering the situation of our country and the characteristics of the enterprises,this paper classifies the enterprises according to the property rights,the degree of marketization as well as the asset liability ratio,and further investigates the different effects of media coverage on different enterprises’access to bank lines of credit.
Keywords:Media Coverage  Bank Lines of Credit  Information Intermediary
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