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中文摘要：
本文以2010~2014年沪深两市上市公司为研究对象,采用Heckman两阶段模型研究了媒体监督对上市公司融资约束的作用机理,深入探索了不同类型媒体监督对融资约束的影响差异。研究结果发现：媒体监督对上市公司融资约束可以产生显著的影响,即媒体正面报道可以减轻企业的融资约束,而媒体负面报道则会加剧企业的融资约束;不同类型的媒体监督对上市公司融资约束的影响存在差异,相对于纸质媒体监督而言,网络媒体监督对融资约束的影响力更大。
英文摘要：
Using data of companies listed on Shanghai and Shenzhen stock exchanges in the period 2010-2014,we 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 disparity in the impact of different types of media monitoring on the financing constraints of listed companies.Compared to media monitoring from newspapers,online media monitoring is more influential to the financing constraints.
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