| By the end of 2018,China had issued 86 trillion yuan worth of bonds.In 2018 alone,China issued 43.1 trillion yuan worth of bonds.Bond financing has become one of the most important financing methods for Chinese enterprises.When an enterprise carries out external financing,its financing scale,financing term and default risk are important factors that affect the cost of bond financing.In response to the call of "deleveraging and cost reduction" in China’s 13 th five-year plan,how to reduce the cost of corporate bond financing has become a focus of academic research.As one of the ways to spread information,media can effectively improve the information disadvantage status of investors and alleviate the information asymmetry between investors and operators.With the advent of the Internet era,the network media relying on the Internet develops rapidly and the number of users increases sharply.Compared with traditional paper media,online media has the functions of forwarding and commenting,which can make media information spread in a split way.According to international ALEXA data,the daily click volume of Oriental fortune net alone exceeds 100 million.The emergence of network media broadens the channels for investors to obtain information and disturbs the capital market by changing investors’ trading behavior.Based on the above situation,this paper studies the influence of network media reports on corporate bond financing costs.In view of this,this paper takes 342 corporate bonds issued by listed companies in 2017-2018 as the research sample and empirically analyzes the impact of online media reports on bond financing costs through multiple regression results.At the same time,the moderating effect of bond rating on the impact of negative online media reports on bond financing costs is also considered.Positive online media reports are negatively correlated with bond financing costs;Negative online media reports are positively correlated with bond financing costs;High bond ratings limit the impact of negative online media coverage on corporate bond financing costs.The innovation of this paper lies in the following two points :(1)the influence of network media attention,positive reports and negative reports on bond financing costs is studied respectively;(2)the adjustment effect of bond rating on the bond financing cost caused by negative reports in network media was considered. |
