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论文编号：	10085
作者编号：	2120162700
上传时间：	2018/6/8 10:01:37
中文题目：	媒体报道、业绩预告与企业融资约束
英文题目：	Performance forecast, Media reports and corporate financing constraints
指导老师：	姚颐
中文关键字：	业绩预告；媒体报道；融资约束；信息披露；信息不对称
英文关键字：	performance forecast; media reports; financial constraints; information disclosure; information asymmetry
中文摘要：	根据调查显示，在我国70%以上的企业都在面临着融资约束的难题，融资约束成为了我国企业经营发展中普遍存在的阻碍。信息不对称问题是企业融资难的根本原因，信息不对称造成企业从外部融资时普遍要付出较高的融资成本。随着我国资本市场运作的健康发展，上市公司经营状况的信息披露越来越被投资者所关注。由于外部投资者无法直接参与企业管理活动，因此新闻媒体报道和企业自愿披露的业绩预告成为了外部投资者评价企业业绩、做出投资决策的重要参考。随着信息化时代的到来，信息源无处不在，媒体报道本身的聚众性特点使新闻具有极大的渗透性和动员性，一方面媒体报道能够缓解信息不对称问题，加强企业与外部投资者的信息交流，另一方面，媒体报道会使舆论格局变得更加复杂，继而左右投资者的投资决策。与此同时，证监会多次提出建立多层次资本市场信息披露规则体系，规范上市公司信息披露。作为自愿性信息披露的重要组成部分，业绩预告的正负面性会直接影响到投资者对企业经营业绩的预期，进而影响到投资者的投资决策。新闻媒体报道和业绩预告从本质上来说，一个来源于企业外部，一个来源于企业内部，但两者都会对企业的融资造成影响，研究两者如何作用于融资约束和他们对企业融资约束的共同作用具有实用意义。 本文通过对媒体报道、业绩预告和融资约束的相关理论和文献的梳理，在信息不对称理论、委托代理理论、声誉机制理论等基础上，选取我国上海证券交易所2011-2016年的294家主板上市公司为研究样本，实证研究了媒体报道、业绩预告与融资约束三者的关系。实证结果表明，正面的媒体报道能够帮助企业缓解融资约束困难，负面的业绩预告会加剧企业面临的融资约束的局面，而当企业发布负面业绩预告后，媒体进行正面的新闻报道则企业的融资约束状况也会得到缓解。基于实证结果，本文提出了包括规范媒体新闻报道，规范公司信息披露制度、增强企业内部公司治理监督等政策建议，本文的实证研究结果也为未来规范上市公司信息披露，解决企业融资困难的问题提供了参考和佐证。
英文摘要：	According to surveys, over 70% of enterprises in China are facing the problem of financing constraints. Financing constraints have become a common obstacle in the development of Chinese enterprises. The problem of information asymmetry is the main reason of financing difficulties to enterprises, information asymmetry causes enterprises generally pay higher financing costs when they accept investment. Chinese economy has shifted from a high-speed growth stage to a high-quality development stage. Information disclosure on the operating conditions of listed companies has received increasing attention. As external investors cannot directly participate in corporate management activities, media reports and performance prediction reports which were voluntarily disclosed by companies has become an important reference for external investors to evaluate corporate performance and make investment decisions. With the advance of the information age, information sources are easy to achieve, the agglomerate characteristics of media reports make news become highly permeable and mobility. Media reports can alleviate the problem of information asymmetry, and strengthen the interactive as well as the exchange of information between corporates and external investors. On the other hand, media reports may make the public reaction become much more complex and may affect investors' investment decisions. At the same time, the Securities Regulatory Commission has repeatedly proposed the establishment of a multi-level capital market information disclosure rules to regulate the disclosure of listed company information and prevent the occurrence of untimely, inaccurate, or non-standardized information be reported. Performance forecast is an important part of information disclosure. The positive and negative performance forecast will directly affect the investor’s expectations of the company’s operating performance, in turn affects investors’ investment decisions. News reports and performance forecasting, in essence, one from outside the company, the other from inside the company, but both will affect corporate financing. It is practical to study how the two elements affect the financing constraints and how their common effects on corporate financing. The article firstly reviews relevant theories and literature on media reports, performance forecasting, and financing constraints, based on information asymmetry theory, principal-agent theory, and reputation mechanism theory, then take 294 listed companies on the Main Board of the Shanghai Stock Exchange from 2011 to 2016 as research samples, do the empirical study of the relationship between media reports, performance forecast and financing constraints. The empirical results show that positive media reports can help enterprises ease the difficulties of financing constraints, negative performance forecasts will intensify the financing constraints facing companies, when the company publishes negative performance forecasts, if the media carries out positive news reports, the financial constraints of the company will also be eased. Based on the empirical results, the article proposes policy recommendations including regulating news reports, standardizing company information disclosure systems, and strengthening internal corporate governance supervision rules. The empirical research results of this article also provide reference and evidence for the regulation of information disclosure of listed companies and evidence to solve the problem of corporate financing difficulties.
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