中小股东在社交媒体“发声”对企业债务违约风险的影响研究
Research on the Impact of “Voices” from Minority Shareholders on Social Media on Corporate Debt Default Risk

本文基于2011~2020年A股上市公司数据，研究中小股东在社交媒体“发声”对企业的债务违约风险的影响。研究发现，中小股东在社交媒体“发声”可以显著降低企业债务违约风险。影响路径检验显示，中小股东在社交媒体上“发声”的治理作用主要通过缓解融资约束和减少代理成本两条路径实现。进一步研究发现，资产负债率较高的企业迫于外部压力会提升公司治理水平和信息透明度，中小股东“发声”的治理作用会更好；社交媒体的治理作用主要体现在国家出台互联网整治政策之后。本文研究结果丰富了债务违约风险的影响因素研究，为监管部门完善监管机制，政府构建和谐网络社区环境，制定合理规范政策提供借鉴。
This paper, based on data from A-share listed companies between 2011 and 2020, investigates the impact of minority shareholders’ “voice” on social media on corporate debt default risk. The study finds that minority shareholders’ “voice” on social media can significantly reduce the company’s debt default risk. The path analysis reveals that the governance effect of minority shareholders’ “voice” primarily works through two channels: alleviating financing constraints and reducing agency costs. Further research shows that companies with higher debt ratios, under external pressure, improve their corporate governance and information transparency, and the governance effect of minority shareholders’ “voice” is more effective in such cases. The governance role of social media is particularly significant after the implementation of national internet governance policies. The results of this study enrich the research on the influencing factors of debt default risk and provide insights for regulatory authorities to improve supervision mechanisms, for the government to build a harmonious online community environment, and to formulate reasonable and regulatory policies.