晋升还是压制？网络媒体监管对企业融资效率的实证探索

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-05-06 DOI:10.1016/j.frl.2025.107545

Qi Zhang , Jat-Syu Lau

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引用次数: 0

摘要

本文以2007 - 2022年中国上市公司数据为实证样本，深入研究网络媒体监管对企业融资效率的影响。研究发现，网络媒体监管有效提升了企业融资效率，且这种提升关系在高新技术企业和非高新技术企业之间呈现异质性。机制检验表明，社会责任的履行在网络媒体监管与企业融资效率的关系中起中介作用。此外，市场竞争在这种关系中起调节作用。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Promotion or suppression? An empirical exploration of online media supervision on corporate financing efficiency

This paper uses data from Chinese listed companies between 2007 and 2022 as an empirical sample to deeply investigate the impact of online media supervision on corporate financing efficiency. The study finds that online media supervision effectively promotes corporate financing efficiency, and this promoting relationship exhibits heterogeneity between high-tech and non-high-tech enterprises. Mechanism tests indicate that the fulfillment of social responsibility plays a mediating role in the relationship between online media supervision and corporate financing efficiency. Additionally, market competition serves as a moderating factor in this relationship.

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance