Media Attention,Information Disclosure Level And Corporate Finance Constraints

Due to the limitations of private enterprises' own conditions and generally low credit levels,it is more difficult for private enterprises to obtain financing,subject to discrimination in all aspects,and it is much more difficult for private enterprises to obtain funds to meet their own financing needs than for state-owned enterprises.The internal factors that affect the financing constraints of private listed companies include ownership structure,corporate size,corporate internal control,accounting conservatism,corporate age,investment types,profitability,and risk levels.These factors will all affect the degree of financing constraints faced by companies.With the popularization of the Internet,the media has a significant impact on enterprises.The current academic research on media attention is mainly carried out from the perspectives of corporate social responsibility,environmental information disclosure and internal control,exploring the mechanism of media attention in information transmission,supervision and governance.There are few explorations under different information disclosure levels.The media is concerned about differences in the impact of corporate financing constraints.In the era of rapid development of information in the 21st century,the media has been given greater power.Therefore,it is necessary for us to actively explore the role of media attention in the field of investment and financing.The level of information disclosure,as one of the internal influencing factors of corporate financing constraints,has already received extensive attention from academia.Different from external factors,information disclosure means that private listed companies actively provide internal corporate information to the outside world,and reduce the level of information asymmetry in another way;on the one hand,external actors such as media attention can intervene and dig out hidden information that has not yet been disclosed by the company.The aspect can also obtain more and deeper content for the disclosed information,which also helps to reduce the information asymmetry of the enterprise.Then,under different levels of information disclosure,the media is concerned about how this external governance mechanism can affect the financing constraints of private enterprises.This issue is worthy of our in-depth discussion.Based on the theory of information asymmetry,signal transmission theory and corporate reputation theory,this paper analyzes and discusses the following questions:Can media attention alleviate the financing constraints of private listed companies?Is there a difference in the role of media types in easing the financing constraints of private listed companies?Does the level of information disclosure have a moderating effect on the mitigation of media attention on financing constraints?This paper selects my country's 2016-2018 A-share private listed companies as a sample,and uses econometric methods such as descriptive testing,correlation testing,and regression analysis to study the impact of media attention on the financing constraints of private listed companies,and to study the impact of information disclosure levels The regulating effect of the relationship between the two.The empirical results of this article show that:media attention can alleviate the financing constraints of private listed companies;compared to online media,traditional media has a more significant effect on alleviating the financing constraints of private listed companies.When making investment decisions,investors are more inclined to rely on The more authoritative and authentic information provided by the traditional media;for those private listed companies with a low level of information disclosure,the media' s attention is more effective in mitigating their financing constraints,because for those private companies with a low level of information disclosure In other words,as an important information medium in the capital market,the media can dig deeper and interpret the information disclosed by private listed companies.Investors can obtain more complete and secure corporate-related financial and operating information.Private listings The level of financing constraints the company faces is even lower.For private listed companies with a high level of information disclosure,information disclosure itself can alleviate the information asymmetry between the company and investors and other stakeholders,and facilitate their direct access to internal information such as the operating conditions of private listed companies,thereby effectively alleviating the private sector.Financing constraints of listed companies.Through the research conclusions of this article,on the one hand,it enriches the relevant literature research content and provides a theoretical basis for the capital market to reduce information asymmetry;on the other hand,it also provides targeted information to government regulatory agencies,media,investors,and corporate management.Sexual advice is conducive to the sustained and healthy development of my country's market economy.