【作者】 张敏；

【导师】 李香花；

【作者基本信息】 中南大学 ， 会计学， 2022， 硕士

【摘要】 近年来,中国经济呈现出新常态,融资环境没有得到实质性改善,企业面临的融资约束问题依然比较严峻。虽然信息披露在缓解企业与利益相关者之间的信息不对称方面具有重要作用,但是,我国上市公司的信息披露质量还具有较大的提升空间。伴随着互联网技术的快速发展与网络的逐渐普及,全媒体不断发展,媒体格局和传播方式正发生深刻变化。自媒体这一信息披露平台能否有效降低企业融资约束是开发新型信息披露渠道的一个重要议题。本文以自媒体信息披露为切入点,基于信息不对称理论、信号传递理论、社会交换理论和有限注意力理论,以沪深两市A股上市公司2009-2019年数据为样本,研究上市公司运用自媒体信息披露对自身融资约束的影响机制,并在此基础上研究上市公司控股股东股权质押的调节效应。研究发现:(1)自媒体信息披露会降低公司的融资约束程度;(2)随着控股股东股权质押比例的增加,自媒体信息披露对公司融资约束的缓解作用会减弱;(3)进一步地,随着公司内部控制水平或公司所在地区互联网普及率的提高,自媒体信息披露对公司融资约束的缓解作用将增强。依据结论,本文得出相应的研究启示。本文为全面理解互联网技术快速发展的背景下,新型信息传播渠道的出现对企业信息披露和企业融资的影响提供了新证据,如何发挥自媒体信息披露的正向激励作用提供了理论基础,同时为研究企业经济业务与公司治理之间的关系搭建了桥梁,有助于反思控股股东股权质押业务对企业发展带来的影响。此外,本文为完善监管体系,规范资本市场提供了经验启示。图4幅,表18个,参考文献156篇更多还原

【Abstract】 In recent years,China’s economy has shown a new normal,the financing environment has not been substantially improved,and the financing constraints faced by enterprises are still serious.Although information disclosure plays an important role in alleviating the information asymmetry between enterprises and stakeholders,the quality of information disclosure of listed companies in China still has much room for improvement.With the rapid development of Internet technology and the gradual popularization of the network,the whole media is constantly developing,and the media pattern and mode of communication are undergoing profound changes.Whether the media information disclosure platform can effectively reduce corporate financing constraints is an important issue in developing new information disclosure channels.Based on the information asymmetry theory,signal transmission theory,social exchange theory and limited attention theory,this paper takes the data of A-share listed companies in Shanghai and Shenzhen stock markets from 2009 to 2019 as a sample to study the influence mechanism of listed companies’ self-media information disclosure on their own financing constraints,and on this basis,the adjustment effect of controlling shareholders’ equity pledge of listed companies is studied.The findings are as follows:(1)Self-media information disclosure will reduce the financing constraints of companies;(2)With the increase of the share pledge ratio of the controlling shareholder,the easing effect of self-media information disclosure on corporate financing constraints will be weakened;(3)Further,with the improvement of the company’s internal control level or the internet penetration rate in the area where the company is located,the role of self-media information disclosure in alleviating the company’s financing constraints will be enhanced.According to the conclusion,this paper draws the corresponding research enlightenment.In order to fully understand the impact of new information dissemination channels on enterprise information disclosure and enterprise financing under the background of the rapid development of Internet technology,this paper provides new evidence,provides a theoretical basis for how to play the positive incentive role of self-media information disclosure,builds a bridge for studying the relationship between enterprise economic business and corporate governance,and helps to reflect on the impact of controlling shareholder’s equity pledge business on enterprise development.In addition,this paper provides experience and enlightenment for perfecting the supervision system and standardizing the capital market.更多还原