Strategic Divergence,Media Attention And Debt Financing Costs

Debt financing plays an important role in the operation and development of enterprises.It can be said that the quality and effectiveness of debt financing determine the survival of enterprises.However,in the competition with the same industry,enterprises often hope to "win by surprise" to gain popularity and additional economic benefits,so some enterprises often take the strategy of deviating from the industry standard.This will have a certain impact on the cost of debt financing.Therefore,this paper discusses the impact of strategic variance on debt financing costs and the internal influence mechanism.In addition,with the increasing development of the information society,the media has detached from the identity of the information medium and played an important role in corporate governance.At the same time,what role can media attention of different tones play in regulating the relationship between the two?Therefore,in the current market environment with developed media,it is of certain significance to include media attention,strategic differentiation degree and debt financing cost into the research.This paper conducts an in-depth study of A-share listed companies from 2010 to2019,and explores the internal influence path between the two.On the basis of the two,this paper further studies the specific role of media attention as an external regulatory mechanism,as well as the different effects of positive media attention and negative media attention.The results show that :(1)The increase of strategic divergence will increase the cost of debt financing;(2)The impact of strategic variance on debt financing costs is mediated by business risk and information asymmetry;(3)The presence of media attention will weaken the positive impact of strategic divergence on debt financing costs;(4)Positive media attention will significantly suppress the impact of strategic variance on debt financing costs.