信息披露质量、货币政策与商业信用融资  

Quality of Information Disclosure,Monetary Policy and Trade 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,江苏南京210003

出　　处：《证券市场导报》2016年第7期4-10,18,共8页Securities Market Herald

基　　金：江苏高校品牌专业建设工程资助项目;国家自然科学基金项目(项目编号:71271139);江苏高校优势学科建设工程资助项目(PAPD)

摘　　要：本文利用2008－2013年深圳A股非金融类上市公司的数据，研究了信息披露质量、货币政策与商业信用融资三者之间的关系。研究发现，企业信息披露质量与商业信用融资显著正相关，说明相对于低质量的信息披露，高质量的信息披露有助于提高企业的商业信用融资；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。Based on the data of Shenzhen A-share listed companies in non-financial industry over period 2008-2013, this paper studies the relationship among the quality of information disclosure, monetary policy and trade credit financing.This article shows that the quality of information disclosure is significantly positively correlated with the commercial credit financing, which indicates that the high quality information disclosure is helpful to the improvement of the enterprise＇s commercial credit financing. Compared to the period of monetary policy easing, the business credit financing of enterprises in the period of monetary tightening will be significantly reduced. However, high quality accounting information disclosure can reduce the impact of monetary policy changes on corporate business credit financing, and makes the ability of enterprises to respond to changes in monetary policy.

关 键 词：信息披露质量 货币政策 商业信用融资 

分 类 号：F830.9[经济管理—金融学]