媒体关注、会计信息披露质量与商业信用融资--来自深交所上市公司的经验证据

Media Attention,Quality of Accounting Information Disclosure and Commercial Credit Financing——Empirical Evidence from Listed Companies of Shenzhen Stock Exchange

以2013—2015年深交所上市公司面板数据为样本,采用计量经济学中的固定效应模型,研究媒体关注、会计信息披露质量与商业信用融资三者的关系。研究发现:较好的会计信息披露质量有利于企业获得更多的商业信用融资;媒体正面关注起到了社会监督作用,有助于提高上市公司的会计信息披露质量;在同等会计信息披露质量的前提下,媒体通过披露上市公司的"坏消息",帮助授信企业分辨下游企业的质地,有助于减少质地较差的被授信企业的商业信用融资。政府监管、媒体关注以及企业自发的高质量会计信息披露形成合力,才能解决授信企业与被授信企业间的信息不对称问题,改善企业商业信用融资环境。

Based on the panel data in Shenzhen listed companies from 2013 to 2015, using fixed effect model in econometrics, this paper examines the relationship between the media attention, the quality of accounting information disclosure and commercial credit financing. The results show that the better quality of accounting information disclosure is conducive to enterprises＇ gain in commercial credit financing; positive media attentions play an important role in social supervision, improve the quality of accounting information disclosure of listed companies ; on the premise of the same accounting information disclosure quality, the media reveal the listed com- panies ＂ bad news＂, help credit enterprises distinguish the texture of the downstream enterprises, reduce the commercial credit finan- cing of the poor downstream enterprises. Government supervision, media attention and spontaneous high quality accounting information disclosure together can solve the problem of information asymmetric between credit enterprises and authorized enterprises, improve the commercial credit financing environment.