金融市场化进程、信息披露质量与银行借款融资——基于深市上市公司2007-2012年的经验证据

Financial Liberalization,Disclosure Quality and Bank Loan Financing

本文以2007-2012年深市A股上市公司为样本,分析了在不同金融市场化水平下,上市公司信息披露质量对其银行借款融资的影响。研究表明:高质量的信息披露有助于上市公司获得银行借款,并且信息披露质量对非国有上市公司借款融资的影响更为明显;在进一步考察中发现,信息披露质量对借款融资的影响程度有赖于金融市场化水平,金融市场化水平越高,信息披露质量对获得银行借款的影响也就越显著,这表明随着金融市场化进程的不断深入,银行等金融机构在进行贷款决策时加强了对企业信息披露质量的考察。

Using the listed firms in Shenzhen during the period of 2007 to 2012, this paper investigates how the quality of information disclosure of firms influences the bank loan financing under different level of financial liberalization. Through the empirical test, the results show that firms with high quality of disclosure are likely to get more bank loans; and it is more obviously in non-stated owned firms. Based upon further investigation in the paper, the results show that the impaction on bank loan financing from the disclosure quality has connection with the financial liberalization. When the level of financial liberalization was higher, the positive influence from disclosure quality on the bank loaning is obviously stronger. And this phenomena reflects that the financial liberalization promotes the banks to do more inspection when making lending decisions.