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本文以上市公司主动信息披露程度和分析师跟踪程度分别度量信息环境,以一个拓展的现金—现金流敏感性模型研究了在不同信息环境下,媒体关注对缓解上市公司融资约束的不同作用。实证结果显示,仅在上市公司主动信息披露程度较低或分析师跟踪较少(即信息不对称程度较高)的情况下,媒体关注越多的上市公司融资约束程度越低,表明媒体关注可能主要通过降低信息不对称程度缓解了上市公司融资约束。这一研究发现对当前上市公司融资约束尤其是中小上市公司融资难问题提供了一个新的解决思路。
In this paper, we measure the information environment separately based on the level of active information disclosure and the degree of analyst follow-up. We use an extended cash-cash flow sensitivity model to study the different effects of media attention on mitigating the financing constraints of listed companies in different information environments. Empirical results show that the lower the degree of active media exposure of listed companies or the less track of analysts (ie, the higher the degree of asymmetric information), the lower the degree of media-focused public financing constraints, indicating that media attention may be Mainly through reducing the degree of asymmetric information to ease the financing constraints of listed companies. This study found that the current listed companies financing constraints, especially small and medium listed companies financing provides a new solution to the problem.