Media Attention,Investor Sentiment,and Corporate Funding Term Mismatch
To alleviate the funding term mismatch behind the corporate debt default,this article analyzes the relationship among media attention,investor sentiment and corporate funding term mismatch using Chinese A-share listed companies from 2008 to 2022 as research samples.According to the research findings,media attention can alleviate corporate funding term mismatches,while investor sentiment can inhibit the alleviating effect of media attention on these mismatches.Mechanism analysis indicates that media attention reduces corporate funding term mismatches by easing financing constraints and curbing managerial short-sightedness.Heterogeneity analysis shows that the alleviating effect of media attention on corporate funding term mismatches is more pronounced in cases of non-negative media coverage,low proportion of long-term loans,non-state-owned enterprises,and companies with high-quality internal controls.The research conclusion provides theoretical basis and policy reference for alleviating the corporate funding term mismatches,helping to reduce systemic financial risks in the market and better supporting the high-quality development of real economy-based enterprises.
media attentionfunding term mismatchinvestor sentimentfinancing constraintsmanagerial short-sightedness
万方数据
维普
