不同产权性质企业财务重述对债务融资成本的影响研究——来自中国上市公司的经验证据

A Study on the Impact of Financial Restatement on Debt Financing Costs with Different Property Ownerships——Empirical Evidence from Chinese Listed Companies

当信息不对称时,财务报告是投资者了解企业经营状况、评估其还贷能力的基本依据。企业发出的财务重述报告,会影响投资者决策及其债务融资成本。通过巨潮资讯数据库,选择2630家上市公司为研究样本,其中国有企1611家,非国有企1019家。基于Spearman相关分析法、多元线性回归以及Tobit回归分析,就不同产权性质下财务重述对债务融资成本的影响进行研究。结果表明:发布财务重述后,国有企业/非国有企业长期借款成本均会上升,非国有企业成本增加幅度更大。

When the information is asymmetric, the financial report is the basic basis for the investors to understand the business situation and evaluate the loan repayment ability. The financial recurring report issued by the firm will affect the investor＇s decision and its debt financing costs. Through the huge influx of information database, the paper selects 2630 listed companies as research samples, of which 1611 state-owned enterprises, 1019 non-state enterprises. Based on Spearman correlation analysis, multiple linear regression and Tobit regression analysis, the impact of financial restitution on debt financing costs under different property rights is studied. The results show that the cost of long-term borrowing of state-owned enterprises and non-state-owned enterprises will increase after the financial restatement, and the cost of non-state enterprises will increase even more.