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本文基于理论分析提出媒体关注对不同产权性质的企业融资约束影响的两个假说,并选取深圳主板和中小板上市公司为样本,以一个扩展的现金—现金流敏感性模型为基础对比研究了媒体关注对于民营企业融资约束的影响。结果表明,相对于国有企业,媒体关注更能显著缓解民营企业的融资约束。
Based on the theoretical analysis, this paper proposes two hypotheses about the impact of media attention on corporate financing constraints of different property rights. Taking Shenzhen Main Board and small and medium-sized listed companies as samples, based on an extended cash-cash flow sensitivity model, Concerned about the impact of private enterprise financing constraints. The results show that, compared with state-owned enterprises, media attention can significantly alleviate the financing constraints of private enterprises.