货币政策、媒体监督和关系型债务融资.pdfVIP

The Symposium of China Journal of Accounting Research (CJAR) 中国会计学刊研讨会 16 – 17 November 2012 Paper Session 5 货币政策、媒体监督与关系型债务融资 By 杨德明 云南财经大学 陆正飞 北京大学 罗党论 中山大学 Sponsored by: Elsevier Editorial System(tm) for China Journal of Accounting Research Manuscript Draft Manuscript Number: CJAR-D-12-00069 Title: Monetary Policies，Media Monitoring and Relational Debt Financing Article Type: Full Length Article Section/Category: Finance Section Keywords: Relation ；Debt Financing ；Monetary Period ；Media Monitoring Corresponding Author: Mr Deming Yang, Corresponding Authors Institution: First Author: Deming Yang Order of Authors: Deming Yang; Zhengfei Lu Abstract: Using of the data of no-state listed companies, our paper find that it is easier for the companies with political ties to get long-term loans and have longer term of the loan than the companies no political ties. It shows it is prevalent for no-state listed companies using relation debt financing. Further investigations indicate that this phenomenon is more prevalent during monetary contractions period, and this phenomenon would lag as the enforcement of media monitoring. Though Houston et al.(2011) find that the state ownership of media have high relation with bank corruption. But out paper shows that to a certain extent ,media monitoring can curb corruption in our country. *Cover Letter with author identifiers 货币政策、媒体监督与关系型债务融资 杨德明 （北京大学光华管理学院，云南财经大学会计学院） 陆正飞 （