媒体报道、外部治理与股权融资成本
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摘要
基于2007-2013年上市公司媒体报道数据,研究媒体报道对股权融资成本的影响。研究发现,媒体报道发挥了公司治理作用,媒体曝光度的增加降低了股权融资成本,报道语气越正面,融资成本越低。进一步检验外部治理机制对两者关系的增量作用时发现,机构持股比例较低和分析师跟进数量较少的公司,媒体报道与股权融资成本的负向关系更为显著。上述结论在采用替代指标衡量融资成本和控制内生性问题后依然稳健。
This paper studied the relationship between media reports and capital financingcost based on the media reports data of listed companies during 2007 to 2013 in China. The results show that media reports actually have the effect of corporate governance,and the increase of media exposure has definitely reduced capital financing cost. The more positive the reports are, the lower the cost is. We further studied the mediation effect of external governance mechanism. The result reveals that, the negative relationship between media reports and capital financing cost is more obvious in firms with fewer shareholding ratios or less analyst following. And above results are still true after using substitute indicators measuring financing cost or controlling endogenous problems.
This paper studied the relationship between media reports and capital financingcost based on the media reports data of listed companies during 2007 to 2013 in China. The results show that media reports actually have the effect of corporate governance,and the increase of media exposure has definitely reduced capital financing cost. The more positive the reports are, the lower the cost is. We further studied the mediation effect of external governance mechanism. The result reveals that, the negative relationship between media reports and capital financing cost is more obvious in firms with fewer shareholding ratios or less analyst following. And above results are still true after using substitute indicators measuring financing cost or controlling endogenous problems.
引文
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[2]郑志刚.法律外制度的公司治理角色:一个文献综述[J].管理世界,2007(9):136-147.
[3]李培功,沈艺峰.媒体的公司治理作用:中国的经验证据[J].经济研究,2010(4):14-27.
[4]Miller G S. The Press as a Watchdog for Accounting Fraud[J]. Journal of Accounting Research, 2006, 44(5):1001-1033.
[5]Dyck A, Volchkova N, Zingales L. The Corporate Governance Role of the Media:Evidence from Russia[J]. Journal of Finance, 2008, 63(3):1093-1135.
[6]杨德明,赵璨.媒体监督、媒体治理与高管薪酬[J].经济研究,2012(6):116-126.
[7]孔东民,刘莎莎,应千伟.公司行为中的媒体角色:激浊扬清还是推波助澜[J].管理世界,2013(7):145-162.
[8]戴亦一,潘越,刘思超.媒体监督政府干预与公司治理[J].世界经济,2011(11):121-144.
[9]Miller G S, Skinner D J. The Evolving Disclosure Landscape:How Changes in Technology, the Media, and Capital Markets Are Affecting Disclosure[J]. Journal of Accounting Research, 2015, 53(2):221-239.
[10]Joe J R, Louis H, Robinson D. Managers'and Investors'Responses to Media Exposure of Board Ineffectiveness[J]. Journal of Financial&Quantitative Analysis, 2009, 44(3):579-605.
[11]于忠泊,田高良,齐保垒,等.媒体关注的公司治理机制——基于盈余管理视角的考察[J].管理世界,2011(9):127-140.
[12]卢文彬,官峰,张佩佩,邓玉洁.媒体曝光度、信息披露环境与权益资本成本[J].会计研究,2014(12):66-71.
[13]赖黎,马永强,夏晓兰.媒体报道与信贷获取[J].世界经济,2016(9):124-148.
[14]游家兴,吴静.沉默的螺旋:媒体情绪与资产误定价[J].经济研究,2012,47(07):141-152.
[15]Tetlock, P. C. Giving Content to Investor Sentiment:The Role of Media in the Stock Market[J]. Journal of Finance, 2007,62(3):1139-1168.
[16]Tetlock P C, Saar-Tsechansky M, Macskassy S. More Than Words:Quantifying Language to Measure Firms'Fundamentals[J]. Journal of Finance, 2008, 63(3):1437-1467.
[17]Antweiler, Werner, and Murray Z. Frank, Is all that talk just noise? The information content of Internet stock message boards[J]. Journal of Finance,2004, 59:1259-1293
[18]Embong Z, Mohd-Saleh, Norman, Sabri Hassan M. Firm Size, Disclosure and Cost of Equity Capital[J]. Asian Review of Accounting, 2012, 20(2):119-139.
[19]蒋琰.权益成本、债务成本与公司治理:影响差异性研究[J].管理世界,2009(11):144-155.
[20]曾颖,陆正飞.信息披露质量与股权融资成本[J].经济研究,2006(2):69-79.
[21]沈艺峰,肖珉,黄娟娟.中小投资者法律保护与公司权益资本成本[J].经济研究,2005(6):115-124.
[22]姜付秀,支晓强,张敏.投资者利益保护与股权融资成本——以中国上市公司为例的研究[J].管理世界,2008(2):117-125.
[23]周冬华,王晶.客户集中度、产品市场竞争与股权融资成本[J].山西财经大学学报,2017,39(7):44-58.
[24]刘全齐,李力.媒体报道、市场化进程与股权融资成本——来自中国重污染行业的证据[J].财经论丛,2017(12):79-87.
[25]Bushee B J, Core J E, Guay W, et al. The Role of the Business Press as an Information Intermediary[J]. Journal of Accounting Research, 2010, 48(1):1-19.
[26]童卫华.机构投资者与公司治理:新趋势和研究展望[J].证券市场导报,2018(6):26-31+58.
[27]Kim J B, Li Y, Zhang L. Corporate Tax Avoidance and Stock Price Crash Risk:Firm-level analysis[J]. Journal of Financial Economics, 2011, 99(3):639-662.
[28]Xu, N.H., Li, X.R., Yuan, Q.B., and Chan, K.C. Excess Perks and Stock Price Crash Risk:Evidence from China[J]. Journal of Corporate Finance,2014, 25:419-434.
[29]潘越,戴亦一,林超群.信息不透明、分析师关注与个股暴跌风险[J].金融研究,2011(9):138-151.
[30]黄俊,郭照蕊.新闻媒体报道与资本市场定价效率——基于股价同步性的分析[J].管理世界,2014(5):121-130.
[31]Gebhardt W R, Lee C M C, Bhaskaran S. Toward an Implied Cost of Capital[J]. Journal of Accounting Research, 2001, 39(1):135-176.
[32]You, Jiaxing and Zhang, Bohui and Zhang, Le, Who Captures the Power of the Pen?[R].(January 16, 2017). Review of Financial Studies, Forthcoming. Available at SSRN:https://ssrn.com/abstract=2403608
(1)例如,证券代码为(000031)就曾经有“中粮地产”和“深宝恒A”两种股票简称。
(2)工具变量识别过度检验显示,Hansen J的值为0.000,模型恰好识别。识别不足检验中,Kleibergen-Paaprk LM统计量为5.267,P值为0.022,说明5%的显著性水平下模型不存在识别不足的问题。弱工具变量检验显示,Cragg-Donald Wald F统计量的值为150.32,远大于10%maximal IV size对应的21.06,表明工具变量不存在弱工具变量问题。
[2]郑志刚.法律外制度的公司治理角色:一个文献综述[J].管理世界,2007(9):136-147.
[3]李培功,沈艺峰.媒体的公司治理作用:中国的经验证据[J].经济研究,2010(4):14-27.
[4]Miller G S. The Press as a Watchdog for Accounting Fraud[J]. Journal of Accounting Research, 2006, 44(5):1001-1033.
[5]Dyck A, Volchkova N, Zingales L. The Corporate Governance Role of the Media:Evidence from Russia[J]. Journal of Finance, 2008, 63(3):1093-1135.
[6]杨德明,赵璨.媒体监督、媒体治理与高管薪酬[J].经济研究,2012(6):116-126.
[7]孔东民,刘莎莎,应千伟.公司行为中的媒体角色:激浊扬清还是推波助澜[J].管理世界,2013(7):145-162.
[8]戴亦一,潘越,刘思超.媒体监督政府干预与公司治理[J].世界经济,2011(11):121-144.
[9]Miller G S, Skinner D J. The Evolving Disclosure Landscape:How Changes in Technology, the Media, and Capital Markets Are Affecting Disclosure[J]. Journal of Accounting Research, 2015, 53(2):221-239.
[10]Joe J R, Louis H, Robinson D. Managers'and Investors'Responses to Media Exposure of Board Ineffectiveness[J]. Journal of Financial&Quantitative Analysis, 2009, 44(3):579-605.
[11]于忠泊,田高良,齐保垒,等.媒体关注的公司治理机制——基于盈余管理视角的考察[J].管理世界,2011(9):127-140.
[12]卢文彬,官峰,张佩佩,邓玉洁.媒体曝光度、信息披露环境与权益资本成本[J].会计研究,2014(12):66-71.
[13]赖黎,马永强,夏晓兰.媒体报道与信贷获取[J].世界经济,2016(9):124-148.
[14]游家兴,吴静.沉默的螺旋:媒体情绪与资产误定价[J].经济研究,2012,47(07):141-152.
[15]Tetlock, P. C. Giving Content to Investor Sentiment:The Role of Media in the Stock Market[J]. Journal of Finance, 2007,62(3):1139-1168.
[16]Tetlock P C, Saar-Tsechansky M, Macskassy S. More Than Words:Quantifying Language to Measure Firms'Fundamentals[J]. Journal of Finance, 2008, 63(3):1437-1467.
[17]Antweiler, Werner, and Murray Z. Frank, Is all that talk just noise? The information content of Internet stock message boards[J]. Journal of Finance,2004, 59:1259-1293
[18]Embong Z, Mohd-Saleh, Norman, Sabri Hassan M. Firm Size, Disclosure and Cost of Equity Capital[J]. Asian Review of Accounting, 2012, 20(2):119-139.
[19]蒋琰.权益成本、债务成本与公司治理:影响差异性研究[J].管理世界,2009(11):144-155.
[20]曾颖,陆正飞.信息披露质量与股权融资成本[J].经济研究,2006(2):69-79.
[21]沈艺峰,肖珉,黄娟娟.中小投资者法律保护与公司权益资本成本[J].经济研究,2005(6):115-124.
[22]姜付秀,支晓强,张敏.投资者利益保护与股权融资成本——以中国上市公司为例的研究[J].管理世界,2008(2):117-125.
[23]周冬华,王晶.客户集中度、产品市场竞争与股权融资成本[J].山西财经大学学报,2017,39(7):44-58.
[24]刘全齐,李力.媒体报道、市场化进程与股权融资成本——来自中国重污染行业的证据[J].财经论丛,2017(12):79-87.
[25]Bushee B J, Core J E, Guay W, et al. The Role of the Business Press as an Information Intermediary[J]. Journal of Accounting Research, 2010, 48(1):1-19.
[26]童卫华.机构投资者与公司治理:新趋势和研究展望[J].证券市场导报,2018(6):26-31+58.
[27]Kim J B, Li Y, Zhang L. Corporate Tax Avoidance and Stock Price Crash Risk:Firm-level analysis[J]. Journal of Financial Economics, 2011, 99(3):639-662.
[28]Xu, N.H., Li, X.R., Yuan, Q.B., and Chan, K.C. Excess Perks and Stock Price Crash Risk:Evidence from China[J]. Journal of Corporate Finance,2014, 25:419-434.
[29]潘越,戴亦一,林超群.信息不透明、分析师关注与个股暴跌风险[J].金融研究,2011(9):138-151.
[30]黄俊,郭照蕊.新闻媒体报道与资本市场定价效率——基于股价同步性的分析[J].管理世界,2014(5):121-130.
[31]Gebhardt W R, Lee C M C, Bhaskaran S. Toward an Implied Cost of Capital[J]. Journal of Accounting Research, 2001, 39(1):135-176.
[32]You, Jiaxing and Zhang, Bohui and Zhang, Le, Who Captures the Power of the Pen?[R].(January 16, 2017). Review of Financial Studies, Forthcoming. Available at SSRN:https://ssrn.com/abstract=2403608
(1)例如,证券代码为(000031)就曾经有“中粮地产”和“深宝恒A”两种股票简称。
(2)工具变量识别过度检验显示,Hansen J的值为0.000,模型恰好识别。识别不足检验中,Kleibergen-Paaprk LM统计量为5.267,P值为0.022,说明5%的显著性水平下模型不存在识别不足的问题。弱工具变量检验显示,Cragg-Donald Wald F统计量的值为150.32,远大于10%maximal IV size对应的21.06,表明工具变量不存在弱工具变量问题。