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新浪微博等新媒体的迅猛发展,有利于民营企业与利益相关者之间信息的双向沟通,弥补了传统信息披露媒介成本高、时效性差的缺陷,减缓信息不对称,从而降低企业的融资成本。文章通过手工收集新浪微博中小板民营上市公司官微发布的信息,同时运用CSMAR数据库、WIND数据库、RESSET数据库的相关数据,探寻新媒体信息披露对民营企业融资成本的影响。研究发现,我国中小板民营上市公司官微注册数逐年递增,官微披露信息从“数量至上”转向“质量至上”。实证结果表明,企业微博信息披露数越多,其股权融资成本越低,而图片类信息对降低其股权融资成本有显著作用。债务融资方面,虽然整体上微博信息披露数对降低债务融资成本没有显著作用,但是图片、视频、音乐、短链类信息的披露在一定程度上有利于降低企业债务融资成本。
Sina microblogging and other new media, the rapid development of private enterprises and stakeholders is conducive to the two-way communication of information between the traditional media to make up for the high cost of information, the shortcomings of poor timeliness, slowing information asymmetry, thereby reducing the cost of financing enterprises . The article collects the information released by the official microblogging microblogging small and medium-sized private listed companies, and uses the CSMAR database, WIND database, RESSET database data to explore the impact of new media information disclosure on the financing cost of private enterprises. The study found that the number of official micro-registrations of small and medium-sized private listed companies in our country is increasing year by year, and the official micro-disclosure information is shifted from “number highest ” to “quality highest ”. The empirical results show that the more the number of corporate microblogging information disclosure, the lower the cost of equity financing, while the picture type information has a significant effect on reducing the cost of equity financing. Debt financing, although the number of microblogging information on the whole to reduce the cost of debt financing has no significant role, but the disclosure of pictures, videos, music, short-term information to a certain extent, help reduce corporate debt financing costs.