The Influence Of Media Reports On The Efficiency Of Equity Financing Of Listed Companies

As the driving force of long-term development of enterprises,financing has always been the focus of the company's financial field.Contrary to the financing order preference theory,Chinese enterprises have strong equity financing preferences,and the equity financing efficiency is generally low under this preference.With the advancement of the information age,the role of media reports as an information communication intermediary in improving corporate governance has become more prominent.In the study of the relationship between media reports and financing,most scholars focus on financing costs,and there are no media reports and listed companies.Research on the relationship between equity financing efficiency.In this context,this paper discusses the impact of media reports on the efficiency of equity financing of listed companies.Based on the financing preference order theory,information asymmetry theory,principal-agent theory,signal transmission theory and risk and benefit theory,and previous literatures related to media reports and equity financing efficiency,the paper analyzes the impact of media reports on the equity financing of listed companies.And selects the listed companies from 2007 to 2017 as the research object,and uses the DEA-SBM model to estimate the equity financing efficiency of listed companies.The positive media reports and media negative reports are used as explanatory variables,with company size,asset-liability ratio,return on net assets and each.The stock surplus is the control variable,and the OLS regression FE model is used to empirically test the relationship between media reports and the equity financing efficiency of listed companies.It is found that with the increase of media reports,the efficiency of equity financing of listed companies has increased;and the positive media reports have more influence on the efficiency of equity financing of listed companies than the negative reports of the media.Further discussion of the impact of media reports on the equity financing efficiency of listed companies with different property rights.It is found that compared with non-state-owned listed companies,theefficiency of equity financing of state-owned listed companies is less sensitive to media reports.