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| 研究生： |
柳芃伶 Liu, Peng-Ling |
|---|---|
| 論文名稱： |
地方報紙關閉對權益資金成本之影響 The Impact of Local Newspaper Closures on the Cost of Equity Capital |
| 指導教授： |
車倫周
Cha, Yun-ju |
| 口試委員: |
車倫周
Cha, Yun-ju 蔡明宏 羅秉政 洪志清 |
| 學位類別： |
碩士
Master |
| 系所名稱： |
商學院 - 財務管理學系 Department of Finance |
| 論文出版年： | 2026 |
| 畢業學年度： | 115 |
| 語文別： | 英文 |
| 論文頁數： | 29 |
| 中文關鍵詞： | 地方報紙關閉 、資訊不對稱 、權益資金成本 、資訊環境 、小型企業 |
| 外文關鍵詞： | ocal newspaper closures, information asymmetry, cost of equity capital, information environment, small firms |
| 相關次數： | 點閱：108 下載：0 |
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本研究探討地方報紙關閉對企業權益資金成本（Implied Cost of Equity Capital, ICC）之影響，並分析地方新聞衰退是否會因市場資訊品質下降，而使投資人要求更高報酬。研究結果顯示，位於地方報紙停刊地區之小型企業，在報紙關閉後其股權資金成本顯著提高，反映小型企業因缺乏分析師追蹤及全國性媒體曝光等替代資訊來源，因此更依賴地方媒體提供之資訊。此外，本研究亦發現，地方報紙關閉對財務槓桿較高、資訊揭露透明度較低，以及成立時間較短之企業，影響更為明顯。研究結果顯示地方媒體在資本市場中具有重要的資訊傳播功能，而地方新聞衰退可能擴大市場資訊落差，並提高投資人對企業不確定性的疑慮，進而增加企業融資成本。
This study investigates how local newspaper closures influence firms’ implied cost of equity capital (ICC) and investigates whether the weakening of local journalism increases investors’ required returns by weakening firms’ information environments. The evidence indicates that small firms headquartered in counties affected by newspaper closures experience higher equity financing costs after closure events, implying that these firms depend more heavily on local information dissemination because alternative external information sources—such as analyst following and national media coverage—are relatively limited. Additional analyses indicate that the effect becomes more pronounced among firms with higher financial leverage, poorer disclosure readability, and shorter operating histories. Collectively, the evidence suggests that the importance of local journalism in capital markets by demonstrating how reductions in local media coverage can intensify informational frictions and raise investors’ perceived information risk, ultimately increasing firms’ financing costs.
1. Introduction 1
2. Literature Review 3
2.1 Media, Local media, and Information Environment 3
2.2 Information Asymmetry and the Cost of Equity Capital 5
3. Hypothesis Development 5
3.1 Local Newspaper Closures and the Cost of Equity Capital 6
3.2 The Moderating Role of Firm Size 6
3.3 Firm Characteristics and the Cost of Capital Effect 7
4. Research Design 8
4.1 Data 8
4.2 Variable Definitions and Measurements 9
4.3 Summary Statistics 10
4.4 Empirical Models 22
5. Results 14
5.1 The effect of local newspaper closure on the cost of equity 14
5.2 Robustness Test with an alternative measure of Closure 14
5.3 Channel Analysis 15
6. Conclusion 16
References 18
Appendix A: Definition of variables 20
Appendix B: Distribution of Treated Firm-Year Observations by Closure Year 21
Appendix C: Geographic Distribution of Headquarters States Associated with Local Newspaper Closures 22
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全文公開日期 2031/07/30