世界经济 ›› 2016, Vol. 39 ›› Issue (9): 124-148.

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媒体报道与信贷获取

赖黎, 马永强, 夏晓兰   

  1. 西南财经大学会计学院 会计功能拓展与国家治理能力提升协同创新中心 博士后流动站 四川成都 611130
  • 收稿日期:2016-01-01 出版日期:2016-09-10 发布日期:2016-10-24
  • 通讯作者: 赖黎(通讯作者),电子信箱:swufe_laili@qq.com E-mail:swufe_laili@qq.com
  • 作者简介:马永强,电子信箱:myq@swufe.edu.cn;夏晓兰,电子信箱:xxlsummer@qq.com
  • 基金资助:
    本研究得到国家自然科学基金项目(71272245、71472152)、中央高校基本科研业务费专项资金(JBK1507K02)和中国博士后科学基金资助项目(2016M590897)的资助。

Media Coverage and Credit Access

Lai Li, Ma Yongqiang, Xia Xiaolan   

  • Received:2016-01-01 Online:2016-09-10 Published:2016-10-24

摘要: 本文基于手工收集纸上媒体对上市公司的新闻报道,检验了媒体报道对企业信贷资源获取的影响,发现媒体报道缓解了银行与企业间的信息不对称,在信贷市场中发挥了积极的“信息中介”作用。基于不同视角,本文发现,负面报道越多的企业获取的信贷资源越少,非负面报道越多的企业获取的信贷资源越多;媒体报道在信贷市场中的“信息中介”作用主要存在于非国有企业、市场化程度高的地区和担保贷款中;在使用网络媒体检验媒体报道对信贷资源获取的影响后发现,本文的基本结论不变。本文不仅拓展了媒体治理领域的研究,也为中国转型经济过程中如何在信贷市场充分发挥媒体的治理作用提供了政策建议。

关键词: 媒体报道, 信贷资源获取, 产权属性, 信用贷款

Abstract: Using manually-collected newspaper reports of listed companies during 2007-2013, we empirically investigate the effect of media coverage on firms' credit access.The result shows that media coverage acts as an "information intermediary" and alleviates the information asymmetry between banks and firms.More specifically, firms covered by more negative reports access to less loans, while firms covered by more non-negative reports access to more loans.Further analysis reveals that the "information intermediary" effect of media coverage in the credit market is stronger for non-state-owned firms, areas with a higher degree of marketization and secured loans.The main conclusion is constant when we use the amount of network reports as a measure of media coverage instead.This paper contributes to the empirical literature of media governance, as well as provides policy recommendations to bring media's governance role into full play in the process of economic transition in China.

Key words: media coverage, credit access, property rights, credit loans

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