交易所问询函会影响企业债务融资成本吗  

Do Exchange Inquiry Letters Affect Corporate Debt Financing Cost

作　　者：顾海峰[1] 张盈盈 GU Haifeng;ZHANG Yingying

机构地区：[1]东华大学旭日工商管理学院

出　　处：《金融监管研究》2025年第3期52-72,共21页Financial Regulation Research

基　　金：教育部人文社会科学研究规划基金项目“跨境资本流动对商业银行信贷风险的影响机理及政策研究”(20YJA790014);上海市哲学社会科学规划课题“新发展格局下双支柱调控框架对银行风险的影响机制及政策研究”(2023BJB013)。

摘　　要：本文基于2015—2023年中国A股上市公司的微观面板数据,实证分析了交易所问询函对企业债务融资成本的影响及其传导机制。研究采用固定效应模型进行基准回归,并综合运用PSM、多时点DID、平行趋势检验等方法确保结论的稳健性。实证结果显示:企业收到问询函后债务融资成本会显著上升,这主要归因于监管问询传递的警示信号;异质性分析表明,非国有企业、分析师关注度较高以及市场业绩较低的企业受到的影响更为明显;机制检验表明,交易所问询函通过提升信息披露质量、提高媒体关注度及降低ESG评级来提高企业的债务融资成本;调节效应检验表明,内控质量提高有助于减弱问询函对企业债务融资成本的推升效应。本文政策建议:监管部门应强化信息披露要求及完善内控评价体系,企业应提升信息披露透明度、优化内控机制及提高ESG绩效。本研究创新性地构建了问询函影响债务融资成本的理论框架,揭示了其作用机制和边界条件,为提升资本市场监管效率提供了重要的理论指导与决策参考。Based on micro-panel data from Chinese A-share listed companies from 2015 to 2023, this paper empirically analyzes the impact of exchange inquiry letters on corporate debt financing costs and their transmission mechanisms. A fixed-effects model is employed for the baseline regression, and robustness is ensured through Propensity Score Matching(PSM), multi-period Difference-in-Differences(DID), and parallel trend tests. The empirical results indicate that corporate debt financing costs increase significantly after receiving an inquiry letter, primarily due to the warning signals conveyed by regulatory inquiries. Heterogeneity analysis shows that non-state-owned enterprises(non-SOEs), firms with higher analyst attention, and firms with weaker market performance are more significantly affected. Mechanism analysis reveals that exchange inquiry letters raise corporate debt financing costs by enhancing information disclosure quality, increasing media attention, and lowering ESG ratings. Moderation effect analysis indicates that higher internal control quality helps mitigate the cost-increasing effect of inquiry letters on corporate debt financing. This paper provides the following policy recommendations: regulatory authorities should strengthen information disclosure requirements and improve internal control evaluation systems, while firms should enhance disclosure transparency, optimize internal control mechanisms and improve ESG performance. By innovatively constructing a theoretical framework for the impact of inquiry letters on debt financing costs, this paper reveals the underlying mechanisms and boundary conditions, offering important theoretical guidance and decision-making references for improving capital market regulatory efficiency.

关 键 词：交易所问询函 债务融资成本 信息披露质量 媒体关注度 ESG评级 

分 类 号：F832.5[经济管理—金融学]