自媒体信息披露与融资约束

当代财经 ›› 2020, Vol. 0 ›› Issue (7): 87-99.

自媒体信息披露与融资约束

黄宏斌, 翟淑萍, 孙雪娇

天津财经大学会计学院,天津 300222

收稿日期:2020-01-06 修回日期:2020-03-19 出版日期:2020-07-15 发布日期:2020-12-10
通讯作者: 黄宏斌,天津财经大学副教授,博士,主要从事行为财务、资本市场财务与会计研究,联系方式olivehhb@126.com。
作者简介:翟淑萍,天津财经大学教授,博士,主要从事资本市场财务、行为财务研究;孙雪娇,天津财经大学副教授,博士,主要从事企业税收、资本市场财务与会计研究。
基金资助:
国家自然科学基金面上项目“上市公司自媒体信息披露及互动的影响因素及经济后果：基于微博、微信的研究”（71872121）; 国家自然科学基金面上项目“交易所问询监管的影响因素及治理效应——基于财务报告问询函的证据”（71972140）; 天津市社会科学规划项目“柔性税收征管与企业融资约束：需求、关系、机理和后果”（TJGL18-010）

Information Disclosure of We-Media and Financing Constraints

HUANG Hong-bin, ZHAI Shu-ping, SUN Xue-jiao

Tianjin University of Finance and Economics, Tianjin 300222, China

Received:2020-01-06 Revised:2020-03-19 Online:2020-07-15 Published:2020-12-10

摘要/Abstract

摘要： 考察典型的上市公司自媒体信息发布的内容和信息来源对企业融资约束的影响及其作用机理。研究发现：公司开通自媒体、自媒体信息发布的数量和内容均显著缓解了上市公司的融资约束。其影响机理在于自媒体信息披露缓解了信息不对称程度、提高了企业声誉进而缓解融资约束。此外,通过将自媒体的不同平台对企业融资约束影响的对比分析可见,微博平台的作用更加明显。将自媒体信息按照内容和来源划分的结果显示,只有价值相关类信息和原创信息才能缓解上市公司的融资约束。这说明上市公司可积极利用自媒体发布原创的、价值相关类信息以缓解融资约束。结论为上市公司借助自媒体改善自身融资约束提供决策参考,也为政府和资本市场监管部门出台缓解融资约束的相关政策法规提供了有益的启示。

关键词: 自媒体, 微博, 融资约束, 信息不对称, 声誉机制

Abstract: This paper examines the influence and mechanism of the contents and channels of information released by the typical we-media of listed companies on the financing constraints of enterprises. The findings show that the opening of companies' we-media and the amount and content of information released by the we-media all have significantly eased the financing constraints of listed companies. Its influencing mechanism lies in that the information disclosed by we-media has alleviated the degree of information asymmetry and improved the corporate reputation and further eased the financing constraints. In addition, the results of a contrastive analysis of the impacts of the different platforms of we-media on business financing constraints indicate that the Weibo platform can play a more significant role. When dividing the we-media information into content and sources, it is found that only the value-related information and the original information can alleviate financing constraints of listed companies. This shows that listed companies can actively use we-media to release original, value-related information to ease financing constraints. This conclusion provides decision-making reference for listed companies to ease their own financing constraints with the help of we-media, and also provides beneficial enlightenment for the government and capital market regulatory authorities to issue relevant policies and regulations to alleviate financing constraints.

Key words: we-media, Weibo, financing constraints, information asymmetry, reputation mechanism

中图分类号:

F832.5

黄宏斌, 翟淑萍, 孙雪娇. 自媒体信息披露与融资约束[J]. 当代财经, 2020, 0(7): 87-99.

HUANG Hong-bin, ZHAI Shu-ping, SUN Xue-jiao. Information Disclosure of We-Media and Financing Constraints[J]. Contemporary Finance & Economics, 2020, 0(7): 87-99.

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