Research On Pyramid Structure,media Attention And Debt Cost

In the social economy,debt financing occupies an important position in my country's enterprise financing choice channels.However,the high cost of debt capital will adversely affect the debt financing of enterprises.The lack of financing funds will hinder the normal production and operation activities and investment activities of enterprises,and ultimately limit the development of enterprises.On the other hand,capital demand companies are also caught up in the high debt cost,which is easy to cause them to abandon high cost debt financing,which leads to problems such as uneven national resource allocation and low efficiency.It is easy to trigger capital demand.Some people have excess funds.At present,the overall debt level of Chinese enterprises is relatively high.More and more debt companies,debt companies and regulatory departments are paying attention to the form of debt financing-debt cost,so how to reduce the debt cost of enterprises has become an urgent need for major companies to solve Important issues.The pyramid structure is common in Chinese enterprises.The lengthening of the pyramid level separates the control right from the cash flow right,which has different effects on the debt financing cost of enterprises with different property rights.With the advancement of the Internet,the role of media in supervision and governance is becoming more and more obvious.Good external supervision can effectively regulate corporate behavior,reduce the possibility of illegal and private interests,and play an important role in the process of reducing the cost of corporate debt.This article starts from the internal pyramidal shareholding structure of the enterprise to study the debt cost of the enterprise,and discuss the differences under different property rights,and further media attention to this external perspective to continue to explore the issue of enterprise debt cost.By manually extracting the data of the pyramid control level,and using the financial data of 13519 companies listed on the A-share main board of the Shanghai and Shenzhen Stock Exchanges in the Cathay Pacific database from 2008 to 2017 as a research sample,in-depth analysis of different property rights for debt costs The effect of the pyramid structure under the nature.The results show that for state-owned enterprises,the cost of debt decreases as more and more pyramid levels rise;while for non-state-owned enterprises,the cost of debt rises as the control level increases;as media attention increases As a result of the increase,the cost of debt tends to decrease;and among different property rights,the media's role in regulating the pyramid structure and the cost of debt is different.Among the state-owned enterprises,the media's role in regulating the media is more significant.There is a strong correlation between structure and debt cost.According to the nature of media attention,this paper divides the media and further discusses the different influences of different types of media attention.This is a supplementary part of the relationship between the pyramid structure and the cost of debt..This article analyzes the relationship between pyramid levels,media attention and debt costs from different perspectives of property rights,providing theoretical references for different companies to solve financing problems,formulating corporate debt policies more effectively,developing corporate financing activities more efficiently,and more efficient.Provide a reference for development and reform.