媒体监督对上市公司融资约束的影响研究——基于Heckman两阶段模型的实证检验

本文以2010～2014年沪深两市上市公司为研究对象，采用Heckman两阶段模型研究了媒体监督对上市公司融资约束的作用机理，深入探索了不同类型媒体监督对融资约束的影响差异。研究结果发现：媒体监督对上市公司融资约束可以产生显著的影响，即媒体正面报道可以减轻企业的融资约束，而媒体负面报道则会加剧企业的融资约束；不同类型的媒体监督对上市公司融资约束的影响存在差异，相对于纸质媒体监督而言，网络媒体监督对融资约束的影响力更大。

A Study of the Impact of Media Monitoring on Financing Constraints of Listed Companies---An Empirical Test Based on Heckman Two -stage Model

Using data of companies listed on Shanghai and Shenzhen stock exchanges in the period 2010-2014 , we apply Heckman two-stage model to investigate the impact mechanism of media monitoring on the financing constraints of listed companies . We explore the disparities in the impact of different types of media monitoring on financing constraints . Results show that media monitoring has a significant impact on financing constraints of listed companies , in which , positive media coverage reduces company’s financing constraints while nega-tive media coverage aggravates the company’s financing constraints . Moreover , there is a disparity in the impact of different types of media monitoring on the financing constraints of listed companies . Compared to media monitoring from newspapers , online media monitoring is more influential to the financing constraints .