互联网社交媒体网络对权益资本成本的影响研究

本文以我国A股市场上市公司为研究样本，实证检验了企业在互联网社交媒体网络中所处的位置与权益资本成本的关系。研究发现，网络中心度与权益资本成本显著负相关，说明越处在网络中心位置的企业，其权益资本成本越低。同时，网络中心度与权益资本成本的负相关关系在代理成本较高的企业中更显著。进一步研究表明，网络中心度可以通过缓解信息不对称，尤其是减少公司负面信息的隐藏，进而降低权益资本成本。本文研究有助于丰富互联网社交媒体经济后果、权益资本成本影响因素的文献；对于认识新时代中小投资者在网络舆论传递及监督中的作用、降低企业融资成本、以及推动互联网与实体经济的深度融合也具有启示意义。

Research on the Influence of Internet Social Media Network on the Cost of Equity Capital

This paper studies the relation between the position of companies in the Internet social media network and the cost of equity by using the data of Chinese A-share listed firms. The results show that network centrality is significantly and negatively correlated with the cost of equity capital, which indicates that the higher the network centrality, the lower the cost of equity capital. Besides, the negative relation between network centrality and the cost of equity capital is more prominent in firms with higher agency costs. Further research shows that network centrality reduces the cost of equity capital by alleviating information asymmetry, especially by reducing the hiding of negative information. The paper enriches the literature on the economic consequences of the Internet social media network, and on the influence factors of the cost of equity capital. It also has implications for understanding the role of small and medium investors in the transmission and supervision of Internet public opinion, reducing corporate financing costs, and promoting the deep integration of the Internet and the real economy.