货币政策、信息披露质量与商业信用融资  

Monetary Policy,Quality of Information Disclosure and Commercial Credit Financing

作　　者：袁卫秋[1] 汪立静 

机构地区：[1]南京财经大学会计学院,南京210003

出　　处：《云南财经大学学报》2016年第1期121-131,共11页Journal of Yunnan University of Finance and Economics

基　　金：国家自然科学基金项目"融资约束影响产业绩效:并购规模与并购方向的作用"(71271139);江苏高校优势学科建设工程资助项目(PAPD);江苏高校品牌专业建设工程资助项目

摘　　要：利用2008～2013年深圳A股上市公司的数据，研究货币政策、信息披露质量与商业信用融资三者之间的关系。研究发现：（1）信息披露质量对商业信用融资具有契约性，信息披露质量较高的公司能获得较多的商业信用融资。商业信用融资与短期银行贷款是企业日常营运中重要的融资方式，短期银行贷款与商业信用融资具有替代作用。（2）相对于货币政策宽松时期，货币紧缩时期企业获得的商业信用融资会显著减少。但高质量的会计信息披露能够减少货币政策变动对企业商业信用融资的影响，并使得企业应对货币政策变动的能力增强。By using the data of A -share listed companies in Shenzhen from 2008 to 2013, the paper studies the relationship among monetary policy, quality of information disclosure and commercial credit financing. Results show that （ 1 ） the quality of information disclosure has contractual nature on commercial credit financing, which means the companies with high quality of information disclosure tend to get more commercial credit financing. Commercial credit financing and short term loan from banks are two major financing methods for companies to get financing, and the two substitute each other. （2） Compared with the period of easy monetary policy, companies have less commercial credit financing in periods of tight monetary policy. However, high quality information disclosure can well decrease the impact of monetary policy change on commercial credit financing and enhance the ability of companies in dealing with monetary policy changes.

关 键 词：货币政策 信息披露质量 商业信用融资 

分 类 号：F830.9[经济管理—金融学]