| The level of financing cost affects the capital planning and strategic planning of enterprises.The real estate industry needs a large amount of external financing as capital-intensive enterprises.Therefore,the optimization of financing cost is crucial to the development of real estate enterprises.The real estate industry is an important part of China's national economy.Its upstream is associated with related industries such as construction,building materials,metallurgy,chemical industry,forest industry and instrumentation,and its downstream is followed by related industries such as decoration,decoration,home appliances,furniture and transportation,playing an important role in driving economic growth.But the lesson of the subprime crisis means that the real estate industry's "overheated","bubble" will become the fuse of the financial crisis and even the economic crisis.Therefore,the sustainable and steady development of the real estate industry is the proper way to promote the high-quality development of China's economy.China's real estate industry faces many challenges in 2019.On the one hand,foreign trade frictions are intensifying,imports and exports,household consumption and fixed asset investment are all facing downward pressure.On the other hand,the moderate regulation of the real estate industry by the government and the central bank leads to the reduction of bank loan scale of real estate enterprises and the rising financing cost.Information asymmetry is an important factor affecting the external financing premium.At the same time,the media is the main channel of information transmission,an important intermediary of information transmission,and plays a key role in alleviating information asymmetry.Positive information helps real estate enterprises to improve their corporate governance and optimize their capital structure,while negative information forms external constraints on real estate enterprises,which can be reflected by changes in financing costs.Therefore,from the perspective of media attention,this paper makes an empirical study on how media attention affects the financing cost of listed real estate enterprises.This paper used the literature methodology,from the media attention,the cost of financing and the media attention how to affect the financing cost three aspectsrespectively,the related research at home and abroad were reviewed and comb,inductive media influence mechanism of enterprise financing costs,summarizes the real estate enterprise financing characteristics,the study found that the real estate enterprise is dependent on external financing,real estate mortgage debt financing is higher and higher financing costs.At the same time,the information asymmetry theory,the efficient market hypothesis theory and the theory on the basis of the herd,model,and use the panel regression analysis method,to 2013-2018 a-share listed real estate companies as the research sample of empirical analysis,the following conclusions: first,the media attention to the listed real estate enterprise has significant positive influence on the cost of financing,has A significant negative influence on debt financing cost;Second,the more positive media coverage,the lower the cost of equity financing and debt financing;Thirdly,negative media reports can have a significant positive impact on the equity financing cost of enterprises,but not on the debt financing cost.In addition,in order to ensure the consistency of the results,this paper replaces the original media attention measurement index with the number of original media reports to carry out a robust test and get a consistent conclusion.This paper puts forward Suggestions from three aspects based on the analysis : real estate enterprise financing,fund provider and media industry.Real estate enterprises should not only make full use of the media for information disclosure,but also improve their comprehensive strength and increase positive media coverage.They should strive to build more diversified and convenient financing channels,improve capital structure and improve solvency meanwhile;Investors should establish a scientific investment view,not blind investment;Banks and other credit institutions should strengthen the examination of enterprises' loan qualifications,support more good real estate enterprises,prevent capital from flowing into highly leveraged real estate enterprises,and prevent and control financial risks;The media industry should strengthen the construction of professional ethics,prevent the distortion and exaggeration of news facts to mislead investors,and actively play the role of information transmission and external supervision of the media industry. |
