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论文类型：会议论文

发表时间：2016-01-01

收录刊物：CPCI-S、CPCI-SSH

页面范围：1167-1173

关键字：Media Coverage; Financing Constraints; Ownership Nature; Heckman Two-stage Model

摘要：Based on the theories of asymmetric information and reputation, we use 5988 sample data of films listed in Shenzhen and Shanghai stock exchanges in the period 2010-2014 and apply Heckman two-stage model to empirically test the impact mechanism of media coverage on financing constraints of listed companies. We explore the impact of media coverage on the financing constraints of the listed companies under different ownership nature. The results show that, media coverage and financing constraints of listed companies are negative related. Media coverage can ease the level of financing constraints of a listed company. Furthermore, favorable media coverage is negatively related to financing constraints, while unfavorable media coverage is positively associated with the financing constraints. Media coverage has a different impact on financing constraints of listed firms with different nature of ownership. Specifically, with respect to non-state-owned enterprises, the impact of media coverage on easing financing constraints is more apparent on state-owned enterprises.