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| Media Coverage, Ownership Nature and Financing Constraints of Listed Companies——An Empirical Test Based on Heckman Two-stage Model |
| ZHONG Qiuyan,SHI Xiaofeng |
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Abstract Based on the theories of asymmetric information and reputation, The paper use 5988 sample data of firms listed in Shenzhen and Shanghai stock exchanges in the period 2010-2014 and apply Heckman two-stage model to empirically test the impact mechanism of media coverage on financing constraints of listed companies. We explore the impact of media coverage on the financing constraints of the listed companies in the case of different ownership natures. The results show that, media coverage and financing constraints of listed companies are negatively related. Media coverage can ease the level of financing constraints of a listed company. Furthermore, favorable media coverage is negatively related to financing constraints, while unfavorable media coverage is positively associated with the financing constraints. Media coverage has a different impact on financing constraints of listed firms with different nature of ownership. Specifically, with respect to non-state-owned enterprises, the impact of media coverage on easing financing constraints is more apparent on state-owned enterprises.
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Received: 18 April 2016
Published: 15 August 2016
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Corresponding Authors:
SHI Xiaofeng
E-mail: shixiaofeng_dlut@126.com
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2016, Vol. 
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