高质量的信息披露是否有助于降低企业信贷融资成本?——基于会计信息可比性的研究  

Does High Quality Information Disclosure Help Reduce the Cost of Credit for Firms?——An Empiricial Research Based on Accounting Information Comparability

作　　者：刘亭立[1] 王妍[1] 石倩倩[1] Liu Tingli;Wang Yan;Shi Qianqian

机构地区：[1]北京工业大学经济与管理学院

出　　处：《投资研究》2022年第6期59-75,共17页Review of Investment Studies

基　　金：国家社科基金面上项目“新时代背景下跨层次公司社会网络对双元创新的影响研究”(项目编号:18BGL090);国家自然科学基金面上项目“创新驱动型并购的影响因素与经济后果研究”(项目编号:71672007);国家自然科学基金面上项目“企业集团的债券管理模式:影响因素与经济后果”(项目编号:72072012)。

摘　　要：本文利用2010-2019年中国A股上市公司数据,检验了会计信息可比性对信贷融资成本的影响。研究发现:会计信息可比性可以显著降低公司的信贷融资成本,其关键路径在于对“信贷错配”的缓解。进一步研究发现,宏观层面的经济政策不确定性与市场化水平,以及微观层面的媒体情绪与审计师声誉均会影响会计信息可比性的经济后果,并且表现出产权性质上的异质性。故建议重视会计信息披露质量规范,推动资本市场高质量建设。This paper examines the impact of accounting information comparability on the cost of credit using data on Chinese Ashare listed companies from 2010 to 2019. It is found that comparability of accounting information significantly reduces firms’ cost of credit, with the key path being the mitigation of“financial misallocation”. Further research found that economic policy uncertainty and the level of marketisation at the macro level, as well as media manner and auditor reputation at the micro level,affect the economic consequences of accounting information comparability and exhibit heterogeneity in the nature of property rights. It is therefore suggested that attention be paid to the regulation of accounting information disclosure quality to promote the construction of high-quality capital markets.

关 键 词：会计信息可比性 信贷融资成本 信贷错配 

分 类 号：F275[经济管理—企业管理] F832.4[经济管理—国民经济] F832.51