Self-Media Information Disclosure,Equity Pledge Of Controlling Shareholders And Financing Constraints

In recent years,China’s economy has shown a new normal,the financing environment has not been substantially improved,and the financing constraints faced by enterprises are still serious.Although information disclosure plays an important role in alleviating the information asymmetry between enterprises and stakeholders,the quality of information disclosure of listed companies in China still has much room for improvement.With the rapid development of Internet technology and the gradual popularization of the network,the whole media is constantly developing,and the media pattern and mode of communication are undergoing profound changes.Whether the media information disclosure platform can effectively reduce corporate financing constraints is an important issue in developing new information disclosure channels.Based on the information asymmetry theory,signal transmission theory,social exchange theory and limited attention theory,this paper takes the data of A-share listed companies in Shanghai and Shenzhen stock markets from 2009 to 2019 as a sample to study the influence mechanism of listed companies’ self-media information disclosure on their own financing constraints,and on this basis,the adjustment effect of controlling shareholders’ equity pledge of listed companies is studied.The findings are as follows:(1)Self-media information disclosure will reduce the financing constraints of companies;(2)With the increase of the share pledge ratio of the controlling shareholder,the easing effect of self-media information disclosure on corporate financing constraints will be weakened;(3)Further,with the improvement of the company’s internal control level or the internet penetration rate in the area where the company is located,the role of self-media information disclosure in alleviating the company’s financing constraints will be enhanced.According to the conclusion,this paper draws the corresponding research enlightenment.In order to fully understand the impact of new information dissemination channels on enterprise information disclosure and enterprise financing under the background of the rapid development of Internet technology,this paper provides new evidence,provides a theoretical basis for how to play the positive incentive role of self-media information disclosure,builds a bridge for studying the relationship between enterprise economic business and corporate governance,and helps to reflect on the impact of controlling shareholder’s equity pledge business on enterprise development.In addition,this paper provides experience and enlightenment for perfecting the supervision system and standardizing the capital market.