行业经营性信息披露能提升商业信用融资吗  

Does Industry-specific Information Disclosure Improve Trade Credit financing?

作　　者：石桂峰[1] Shi Guifeng

机构地区：[1]上海交通大学安泰经济与管理学院,200030

出　　处：《会计研究》2022年第12期77-90,共14页Accounting Research

基　　金：教育部人文社会科学研究项目(16YJA630045)支持

摘　　要：本文考察了两个交易所分步实施的行业经营性信息披露管制对商业信用融资的影响。以2007-2019年我国A股上市公司为研究样本,研究发现:与不适用行业信息披露指引的公司相比,适用行业信息披露指引的公司在披露管制后从供应商获得的商业信用融资显著上升,在一系列稳健性检验后,上述研究结论依然成立。进一步研究发现,行业经营性信息披露管制实施后,信息透明度和公司治理较弱的企业商业信用提升效应更显著,说明披露管制通过“信息效应”和“治理效应”发挥作用。本文丰富了行业经营性信息披露管制经济后果和商业信用影响因素的相关研究,有助于公司管理者及利益相关者认识信息披露环境的改变对企业融资行为的影响,为监管者提供了监管模式转变的经验证据。This paper examines the influence of staggered implementations of Industry Information Disclosure Guideline on trade credit financing.Using a sample of China's A-share listed firms from 2007 to 2019,the results show that firms have significantly increased their trade credit financing from suppliers after they disclose industry-specific information.The main results are robust to numerous additional checks.Furthermore,this paper finds that the positive association is more pronounced for firms with weaker information transparency and corporate governance,indicating that Guideline plays a role through information effect and governance effect.The paper enriches the research on the economic consequences of industry-specific information disclosure and the factors affecting trade credit financing,and helps managers and stakeholders understand the role of the information disclosure environment on corporate financing behavior.

关 键 词：行业经营性信息 信息披露管制 商业信用融资 信息效应 治理效应 

分 类 号：F275[经济管理—企业管理] F832.51[经济管理—国民经济]