年报预约披露推迟、金融生态环境与债务融资成本——基于信息风险识别和风险补偿转化视角  

Delay on Scheduled Annual Report Disclosure, Financial Ecological Environment and Cost of Debt: Evidence from Information Risk Identification and Transformation of Risk Compensation

作　　者：谢盛纹[1] 廖佳[2] 陶然 Xie Shengwen;Liao Jia;Tao Ran(Center for Accounting Studies,Jiangxi University of Finance and Economics,Nanchang 330013;School of Accounting,Jiangxi University of Finance and Economics,Nanchang 330013;School of Management,Xiamen University,Xiamen 351005)

机构地区：[1]江西财经大学会计发展研究中心,南昌330013 [2]江西财经大学会计学院,南昌330013 [3]厦门大学管理学院,厦门361005

出　　处：《管理评论》2018年第12期200-211,共12页Management Review

基　　金：国家自然科学基金项目(71162010;71462014)

摘　　要：选取2007-2014年我国A股主板上市公司为样本,探究年报预约披露推迟行为对债务融资成本的影响。研究发现:年报预约披露推迟公司的债务融资成本更高,该正向关系在金融生态环境良好地区更加显著;进一步地,非国有企业为其年报预约披露推迟行为承担着更高的债务融资成本,即便在金融生态环境良好地区,此关系依然显著存在;担保则削弱了年报预约披露推迟对债务融资成本的正向影响。上述结果表明,银行等金融机构能够有效识别上市公司年报预约披露推迟行为背后隐藏的信息风险;良好的金融生态环境有助于增强债权方辨识信息风险的能力,但并未根本改变非国有企业所面临的信贷歧视;对于已提供担保的债务,债权人在信贷决策时则更少关注年报预约披露推迟背后的风险。Using the samples of listed firms on Chinese A-share market during 2007-2014, this paper investigates the effects of delay in the scheduled disclosure of annual report on cost of debt. We find that delay in the scheduled disclosure of annual report is associated with a higher likelihood of a firm’s future cost of debt and the effects may be stronger for firm located in regions with better financial ecological environment. Moreover, the private listed firms bear higher cost of debt due to delay in annual report disclosure and this relationship is significant even in regions with good financial ecological environment. The guarantee mitigates the positive relationship between scheduled annual report disclosure and cost of debt. These findings suggest that banks and other financial institutions can effectively identify information risk behind delay in the scheduled disclosure of annual report, good financial ecological environment enhances the ability of creditors to identify information risk, but could not fundamentally change the credit discrimination of private firms. For debt that has been guaranteed, creditors are less concerned about the risk of delay in the scheduled disclosure of annual report.

关 键 词：年报预约披露 金融生态环境 债务融资成本 信息风险 

分 类 号：F832.51[经济管理—金融学] F275