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中文摘要：
基于信息不对称理论和声誉理论,文章以2010-2014年沪深两市5988个观察样本为研究对象,采用Heckman两阶段模型实证检验了媒体关注对上市公司融资约束的影响机理,探讨了不同产权性质情况下媒体关注对融资约束的影响差异。研究结果显示：媒体关注与上市公司融资约束呈负相关关系,媒体关注可以缓解企业的融资约束程度;正面媒体报道可以降低企业的融资约束程度,而负面媒体报道则会加剧企业的融资约束程度;媒体关注对不同产权性质企业融资约束的影响存在差异。具体而言,相对于非国有企业而言,媒体关注对国有企业的融资约束缓解程度更大。
英文摘要：
Based on the theories of asymmetric information and reputation,The paper use 5988 sample data of firms 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 in the case of different ownership natures. The results show that,media coverage and financing constraints of listed companies are negatively 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.
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