Media To Corporate Debt Financing Costs: Helpful Or Not Helpful?

The 21 st century is both an information age and an era of sharing economy.Media,as an important part of the information medium and digital economy,is indispensable.With the rapid development of the Internet,the cost of information dissemination is lower and the efficiency is higher,and the media industry(especially online media)has also made great strides.The media does not affect all aspects of social and economic life all the time.As the most dynamic organization in the socialist market economy,the development of enterprises must receive attention.However,debt financing is still an important factor restricting the development of enterprises.So will the media also have an impact on corporate debt financing? If there is an impact,what is its impact mechanism and impact path? This paper takes media attention as a research entry point,and takes accounting robustness in accounting information quality as an intermediary variable to study the impact of media attention on corporate debt financing costs.This article selects the 2008-2018 annual data of listed companies in Shanghai and Shenzhen as the research objects.The research media focuses on the impact on the cost of corporate debt financing and the intermediary transmission role of accounting robustness,which provides a solution to corporate financing problems New research ideas.In this paper,media attention is carried out in two dimensions: quantity and sentiment,and a total of four indicators,namely media attention degree,media positive attention,media negative attention and media net attention,are constructed to empirically test.The test method is strictly in accordance with the new intermediary effect test process,while absorbing the advantages of the classic intermediary effect test step-bystep method and the Bootstrap method recognized by international academic circles in recent years,making the intermediary effect test more comprehensive.In addition,in the empirical analysis part,part of the possible impact of endogenous issues on the research in this paper is selected,and the instrumental variables are selected for two-stage least squares regression,which enhances the credibility of the research conclusions in this paper.The research results of this paper show that:(1)The company's frequent media coverage can play a positive role in reducing the cost of corporate debt financing;(2)Further,after distinguishing positive media reports from negative media reports,it is found that positive media reports are only positive The media 's negative reporting does not play a role in reducing the cost of corporate debt financing;(3)Media attention as an external governance mechanism has played a positive role in a certain sense,which is reflected in higher media attention and more High accounting robustness is related;(4)Accounting robustness plays a part of the intermediary conduction effect between the media attention and the debt financing cost,but accounting robustness is not the only intermediary.The research conclusion of this paper effectively expands the relevant achievements in the research field of external governance and debt financing,especially under the current background that Chinese enterprises are generally faced with financing difficulties and expensive financing,which has certain theoretical and practical significance.