The Impact Of Media Attention On The Level Of Debt Financing Of Listed Companies In The Food Industry

Food manufacturing industry has always been an important pillar industry in China's manufacturing industry,and has important significance for promoting agricultural development.For contemporary food companies,whether they can survive and develop better depends on whether they have sufficient capital.The financing capabilities,financing channels,and financing costs of an enterprise all have an important impact on the development of the enterprise.From the perspective of the development of China's food industry,the listed company's asset-liability ratio is relatively low,and the debt structure has not been used to optimize the equity structure.In the context of the continuous acceleration of global economic integration,the importance of media attention to business management has become more and more prominent,which has caused useful exploration and research by domestic and foreign researchers.However,most of the media attention's research on debt financing focuses on debt financing costs,maturity structure and financing constraints.Few literatures directly study its impact on the level of debt financing.This paper analyzes the impact of different types of media and reporting content on the level of debt financing of food companies from the perspective of media attention.It has a positive role in optimizing the capital structure of the food industry and enhancing its applicability.It also has important theoretical significance.Based on the information asymmetry theory,reputation theory and signal transmission theory,this paper analyzes the mechanism of the media's attention to the level of debt financing,compares the different effects of negative and non-negative reports on the level of debt financing,and further distinguish the difference between the impact of paper media and network media on the level of debt financing.On this basis,using the multiple linear regression analysis method,taking listed companies in the food industry from 2013 to 2018 as the research object,empirically testing the impact of media attention on the level of debt financing.The results found that:(1)Non-negative media reports can improve the level of debt financing for food companies.(2)Negative media reports are negatively related to the level of debt financing.(3)Compared with network media,paper media has a greater impact on the level of debt financing.According to the research results,the following suggestions are made:(1)The media should improve their own information mining and data analysis capabilities,and truthfully report news content;(2)Food companies should strengthen communication with the media,clarify the misreported news,and prevent the company's image from being detrimental reporting,especially paying more attention to the content of the paper media's reporting;(3)Investors can appropriately relax the approval of loan applications for companies with more non-negative reports when allocating credit funds;(4)Regulators must build a looser and broader platform for the media.The innovations of this paper are:(1)This paper analyzes the impact of media attention on the level of debt financing and conducts corresponding empirical tests.Debt financing includes debt financing constraints,debt financing costs,debt maturity structure,and debt financing level.Existing research on media attention and debt financing has mostly focused on debt financing costs,debt maturity structure,and financing constraints.Few literatures directly study its impact on the level of debt financing.This paper analyzes the impact of media attention on the level of debt financing,which helps to more comprehensively understand corporate debt financing.(2)This paper reveals the difference between the impact of paper media and network media on the level of debt financing of listed companies in the food industry.Unlike the past,media attention is divided into positive reports,neutral reports,and negative reports according to the nature.On the basis of previous research,this paper divides the media into paper media and online media according to the different media,This article deeply studies the influence of different types of media on the debt financing level of listed companies in the food industry,enriches and promotes the media's research on the level of debt financing.