前瞻性信息披露与债务契约——基于年报文本分析的经验证据  

Forward-looking Statement and Debt Contracts:Empirical Evidence Based on Text Mining of Annual Report

作　　者：田高良[1] 薛宇婷 李星[1] TIAN Gaoliang;XUE Yuting;LI Xing(School of Management,Xi'an Jiaotong University,Xi'an 710049,China)

机构地区：[1]西安交通大学管理学院,陕西西安710049

出　　处：《商业经济与管理》2023年第4期57-73,共17页Journal of Business Economics

基　　金：国家社会科学基金后期资助项目“数字经济时代科创板上市公司多元化信息披露机理及经济后果研究”(21FGLB006)。

摘　　要：基于债权人视角研究企业前瞻性信息披露的经济后果,即管理层讨论与分析中披露的前瞻性信息是否会影响企业的债务契约。文章以2007-2020年我国A股非金融上市公司为样本进行研究发现,企业前瞻性信息披露水平越高,获得的债务期限越长、债务资本成本越低以及债务规模越大,即债权人愿意为前瞻性信息披露水平更高的企业提供更为有利的债务契约。这一研究结论在一系列稳健性检验中均成立。进一步研究发现,文本可读性较高、文本相似度较低和披露战略信息含量较高的企业中,前瞻性信息披露对债务契约的改善作用更加显著。通过渠道分析发现,前瞻性信息披露通过向市场提供增量信息从而改善了债务契约。研究结果对认可前瞻性信息在资本市场上的价值与功能具有一定意义,也为防范和化解资本市场债务风险提供了依据。The study investigates the economic consequences of forward-looking information from creditors'perspective.Based on the data of 2007-2020 Chinese non-financial listed enterprises we study whether the forward-looking information in management discussion and analysis(MD&A)affects corporate debt contracts.The results show that higher levels of forward-looking information disclosure are associated with longer debt maturity,lower cost of debt capital,and larger debt scale,which means that creditors are willing to provide more profitable debt contracts to firms with higher levels of forward-looking information disclosure.The result holds in a series of robustness tests.Further analysis reveals that the above correlations are more significant in the companies with higher readability of annual report text,low text similarity and more disclosure of strategic information.The channel analysis reveals that forward-looking disclosure improves debt covenants by providing incremental information to the market.The findings have implications for recognizing the value and function of forward-looking information in the capital market and provide a basis for preventing and mitigating capital market debt risks.

关 键 词：前瞻性信息披露 管理层讨论与分析 债务契约 

分 类 号：F234.4[经济管理—会计学]