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Indexed by:会议论文

Date of Publication:2016-01-01

Included Journals:CPCI-SSH

Page Number:164-172

Key Words:financing constraints; media monitoring; media type; heckman two-stage model

Abstract:Due to its increasing importance in the modern information society, media monitoring has attracted a wide attention from the academic circles and practitioners. Taking media monitoring as an entry point, we use data of companies listed on Shanghai and Shenzhen stock exchanges in the period 2010-2014 and 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 negative media coverage aggravates the company's financing constraints. Moreover, there is a clear disparity in the impact of different types of media monitoring on the financing constraints of listed companies. Results also show that compared to media monitoring from newspapers, online media monitoring is more influential to the financing constraints.