Media Coverage, Media Credibility and Cost of Debt

Abstract

Abstract:

In our research, we introduce media credibility into media research analysis framework which broadens the existing researches on infomediary effect. We find the frequency of media exposure is significantly related with debt cost:(1) negative media exposure will increase the cost of corporate debt and positive news sharing on social network will decrease the cost. (2) Information from anonymous source will increase the cost of corporate debt. However, the effect from both state-owned and official media's coverage is not significant. Further research shows that the increase of credibility will enhance the effect of media coverage. Our research provides valuable reference for a quicker media convergence, better corporate governance of information intermediary, further promotion of resource allocation.

Key words: media, credibility, cost of debt

Xia Qiu, Yang Yifan, Zheng Jianming. Media Coverage, Media Credibility and Cost of Debt[J]. , 2018, 30(4): 180-193.

References

[1] Allen F., Qian J., Qian M. J. Law, Finance, and Economics Growth in China[J]. Journal of Financial Econmcs, 2005,77(1):57-116
[2] 胡奕明,谢诗蕾. 银行监督效应与贷款定价——来自上市公司的一项经验研究[J]. 管理世界, 2005,(5):27-36
[3] Bharath S. T., Sunder J., Sunder S. V. Accounting Quality and Debt Contracting[J]. The Accounting Review, 2008,83(1):1-28
[4] Zhang J. Y. The Contracting Benefits of Accounting Conservatism to Lenders and Borrowers[J]. Journal of Accounting Economics, 2008,45(1):27-54
[5] Sengupta P. Corporate Disclosure Quality and the Cost of Debt[J]. The Accounting Review, 1998,73(4):459-474
[6] Mark J. G., Natividad G.. Information, The Cost of Credit, and Operational Efficiency:An Empirical Study of Microfinance[J]. Review of Financial Studies, 2010,23(6):2560-2590
[7] Brown M., Zehnder C. Credit Reporting, Relationship Banking, and Loan Repayment[J]. Journal of Money, Credit and Banking, 2007,39(8):1883-1918
[8] 孙会霞,陈金明,陈运森. 银行信贷配置、信用风险定价与企业融资效率[J]. 金融研究, 2013,(11):55-67
[9] Ashbaugh-Skaife H., Collins D. W., LaFond R. The Effects of Corporate Governance on Firm's Credit Ratings[J]. Journal of Accounting and Economics, 2006,42(1-2):203-243
[10] Costello A., Meerman-Wittenberg R. The Impact of Eporting Quality on Debt Contracting:Evidence From Internal Control Weakness Reports[J]. Journal of Accounting Resarch, 2011,49(1):97-136
[11] Pittman Jeffrey A., Steve F. Auditor Choice and the Cost of Debt Capital for Newly Public Firms[J]. Journal of Accounting and Economics, 2004,37(1):113-136
[12] Houston J. F., Jiang L. L., Lin C., et al. Political Connections and the Cost of Bank Loans[J]. Journal of Accounting Research, 2014,52(1):193-243
[13] 王彦超,姜国华,辛清泉. 诉讼风险、法律环境与债务成本[J]. 会计研究, 2016,(6):30-37
[14] Fang L., Peress J. Media Coverage and the Cross-Section of Stock Return[J]. The Journal of Finance, 2009,64(5):2023-2052
[15] 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
[16] Drake M. S., Guest N. M., Twedt B. J. The Media and Mispricing:The Role of the Business Press in the Pricing of Accounting Information[J]. The Accounting Review, 2014,89(5):1673-1701
[17] 汪昌云,武佳薇,孙艳梅,等. 公司的媒体信息管理行为与IPO定价效率[J]. 管理世界, 2015,(1):118-128
[18] 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
[19] Dyck A., Morse A., Zingales L. Who Blows the Whistle on Corporate Fraud?[J]. Journal of Finance, 2010,65(6):2213-2253
[20] Joe J. R., Louis H., Robinson D. Managers' and Investors' Responses to Media Exposure of Board Ineffectiveness[J]. Journal of Financial and Quantitative Analysis, 2009,44(3):579-605
[21] 戴亦一,潘越,陈芬. 媒体监督、政府质量与审计师变更[J]. 会计研究, 2013,(10):89-95
[22] 叶勇,李明,王雨潇. 媒体监督、经理人特征与掏空——基于我国家族上市公司的经验证据[J]. 管理评论, 2017,29(2):155-167
[23] 周开国,应千伟,钟畅. 媒体监督能够起到外部治理的作用吗?——来自中国上市公司违规的证据[J]. 金融研究, 2016,432(6):193-206
[24] 陈克兢. 媒体监督、法制水平与上司公司的盈余管理[J]. 管理评论, 2017,29(7):3-18
[25] 黄俊,李挺,李娟. 新闻媒体的监督功能:基于上市公司并购事件的分析[J]. 中国会计评论, 2015,13(4):431-452
[26] Rajan R. G. Insiders and Outsiders:The Choice between Informed and Arm's-Length Debt[J]. Journal of Finance, 1992,47(4):1367-1400
[27] 林慧婷,何玉润,王茂林,等. 媒体报道与企业资本结构动态调整[J]. 会计研究, 2016,(9):41-46
[28] Bushman R. M., Williams C. D., Wittenberg-Moerman R. The Informational Role of the Media in Private Lending[J]. Journal of Accounting Research, 2017,55(1):115-152
[29] 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
[30] Dyck A., Zingales L. The Corporate Governance Role of the Media[EB/OL]. http://faculty.chicagobooth.edu/luigi.zingales/papers/research/mediacorpgov.pdf,2002
[31] Cao Y., Myers J. N., Myers L. A., et al. Company Reputation and the Cost of Equity Capital[J]. Review of Accounting Study, 2015,20(1):42-81
[32] Anginer D., Mansi S., Warburton A. J., et al. Corporate Reputation and Cost of Debt[R]. SSRN WorkingPaper, 2017, https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2024181
[33] 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
[34] 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,(7):141-151
[35] 罗炜,何顶,洪莉莎,等. 媒体报道可以预测创业企业的发展前景吗?[J]. 金融研究, 2017,(8):177-191
[36] 才国伟,邵志浩,徐信忠. 企业和媒体存在合谋行为吗?——来自我国上市公司媒体报道的间接证据[J]. 管理世界, 2015,(7):158-169
[37] 陶晓波,宋卓昭,张欣瑞. 网络负面口碑对消费者态度影响的实证研究——兼论企业的应对策略[J]. 管理评论, 2013,25(3):103-112
[38] 夏楸,郑建明. 媒体报道、媒体公信力与融资约束[J]. 中国软科学, 2015,(2):155-165
[39] Djankov S., Mcliesh C., Nenova T., et al. Who Owns the Media?[J]. Journal of Law and Economics, 2003,46(2):341-382
[40] 张洪忠. "刻度"和"阀门":公信力对不同类型媒体受众市场的影响[J]. 新闻记者, 2005,(12):45-46
[41] 王正祥. 媒介使用、权威信息的可信度与民众对传言的信任[J]. 新闻与传播研究, 2010,(3):35-45
[42] 洪小娟,姜楠,洪巍,等. 媒体信息传播网络研究——以食品安全微博舆情为例[J]. 管理评论, 2016,28(8):115-124
[43] Lasswell H. D. The Process and Effects of Mass Communication[C]. Urbana:Univ of Illinois Prss, 1971
[44] 罗进辉. 媒体报道对权益成本和债务成本的影响极其差异[J]. 投资研究, 2012,31(9):95-112
[45] Shi X. F., Zhong Q. Y. Media Coverage, Ownership Nature and Debt Financing Costs of Listed Companies[J]. European Journal of Business and Management, 2016,8(23):101-109
[46] Bushman R. M., Williams C. D., Wittenberg M. R. The Informational Role of the Media in Private Lending[J]. Journal of Accounting Research, 2017,55(1):115-152
[47] Gao H. Y., Wang J. B., Wu C. C. Media Coverage and Cost of Debt[EB/OL]. http://www.cicfconf.org/sites/default/files/paper_689.pdf,2016
[48] 林晚发. 媒体监督与债务融资成本——基于中国发债上市公司的经验证据[J]. 中国会计评论, 2014,12(3-4):479-498
[49] 王卫星,左哲,张佳佳. 新媒体信息披露对民营企业融资成本的影响研究——基于中小板民营上市公司的实证分析[J]. 会计之友, 2017,(19):128-136