营商环境与债务融资成本关系研究  

RESEARCH ON THE RELEVANCE BETWEEN BUSINESS ENVIRONMENT AND DEBT FINANCING COST

作　　者：高绍福[1] 何紫晶 GAO Shaofu;HE Zijing(College of Business Administration,Jimei University,Xiamen 361021,China)

机构地区：[1]集美大学工商管理学院,福建厦门361021

出　　处：《河南工业大学学报（社会科学版）》2022年第2期58-67,共10页Journal of Henan University of Technology:Social Science Edition

摘　　要：地区营商环境作为与企业发展密切相关的外部环境,对企业的财务行为有着重要影响。优良的营商环境对当地企业绩效具有显著提升作用,而债务成本在营商环境与企业绩效的关系中起到部分中介作用。营商环境的优化有助于形成一个更加市场化、公正化以及法治化的企业外部环境,能够保障各市场主体在经营过程中受到公正平等的对待;能够督促企业自发自觉地披露真实可靠的财务信息,以减轻信息不对称,进而为降低企业债务成本提供制度保障。以沪深两市2016—2019年A股上市公司为样本,实证研究了地区营商环境对当地企业债务成本的影响及其作用机制。研究发现:营商环境的改善,可以通过强化企业信息披露、提高内部控制质量实现;与国有企业相比,营商环境的改善对于降低非国有企业债务成本的作用更加显著;债务成本降低是在良好的营商环境下促进企业绩效提升的中介路径,持续优化营商环境是推动我国企业高质量发展的有利途径。As the external environment related to enterprise development,regional business environment has an important impact on the financial behavior of enterprises.The optimization of the business environment will help to form a more market-oriented,fair and legal system,ensure that all market subjects are treated fairly and equally in the process of operation.It can also urge enterprises to spontaneously and consciously disclose true and reliable financial information,reduce information asymmetry,provide institutional guarantee for reducing the cost of enterprise debt.This paper takes the 2016-2019 A-share listed companies in Shanghai and Shenzhen stock markets as a research sample to empirically analyze the impact of the regional business environment on the cost of local corporate debt and its mechanism.The study found that the improvement of the business environment reduces the cost of corporate debt by strengthening corporate information disclosure and improving the quality of internal control;compared with state-owned enterprises,the improvement of the business environment has a more significant effect on reducing the cost of non-state-owned enterprises’debt;in addition,the cost of debt reduction is an intermediary path to promote the corporate performance in a good business environment.It can be seen that continuous optimization of the business environment is a favorable way to promote the high-quality development of Chinese enterprises.

关 键 词：营商环境 债务融资成本 产权性质 中介路径 企业绩效 

分 类 号：F272[经济管理—企业管理]