信贷融资的企业规模歧视:财务风险信息扭曲的视角  

Corporate-Scale Discrimination in Credit Financing:Perspective of Distorted Financial Risk Information

作　　者：宋晓缤 王苑琢 王竹泉[1] Song Xiaobin

机构地区：[1]中国海洋大学管理学院/中国企业营运资金管理研究中心,266100

出　　处：《会计研究》2024年第4期112-125,共14页Accounting Research

基　　金：国家自然科学基金面上项目(72072166);中国博士后科学基金第74批面上项目(2023M743318)的阶段性成果;中宣部文化名家暨四个一批人才项目;国家资助博士后研究人员计划(B档,GZB20230689)的支持。

摘　　要：信贷融资中的企业规模歧视现象一直困扰着我国经济的健康发展,但尚未有研究从财务风险信息扭曲视角对其进行阐释。本文以2009-2018年我国非金融A股上市公司数据为样本,证实企业规模歧视在信贷规模和信贷成本两方面同时存在。在此基础上阐释了营业性负债与金融性负债相混淆、资本与资产不加区分的传统财务风险分析体系致使实体经济上市公司财务风险被高估约40%的严重缺陷,且财务风险信息扭曲在信贷融资的企业规模歧视中发挥了部分中介作用。该效应突出表现在长期信贷歧视方面、国有企业和高市场化程度地区的信贷歧视方面。因此,从财务风险信息扭曲视角重新审视信贷融资的企业规模歧视现象、科学测度财务风险以完善授信评估模型是缓解信贷融资的企业规模歧视现象、战略性提高金融服务实体经济质量的创新路径。The corporate-scale discrimination in credit financing has been perplexing the healthy development of Chinese economy,but there has been no study to explain it from the perspective of distorted financial risk information.Taking the data of non-financial A-share listed companies from 2009 to 2018 as a sample,this paper proves that corporate-scale discrimination exists in both credit financing scale and credit financing cost.On this basis,this paper explains the serious defects of the traditional financial risk analysis system,which confuses the business liabilities with financial liabilities and conflates capital with assets,resulting in the overestimation of the financial risk of non-financial listed companies by about 40%,and the distortion of financial risk information plays a partial intermediary role in the scale discrimination of credit financing.This effect is mainly manifested in long-term credit discrimination,credit discrimination in state-owned enterprises and areas with high degree of marketization.Therefore,reexamining the scale discrimination phenomenon of credit financing from the perspective of financial risk information distortion and scientifically measuring the financial risk to improve the credit evaluation model are the innovative ways to alleviate the scale discrimination phenomenon of credit financing and strategically improve the quality of financial services to the real economy.

关 键 词：企业规模 财务风险分析体系 信息扭曲 信贷融资 

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