经济政策不确定性、信息披露与债务融资——基于债权人异质性视角

Economic Policy Uncertainty,Corporate Information Disclosure and Debt Financing——Based on the Perspective of Different Creditors

以2007-2017年深交所上市的A股公司为样本,基于债权人异质性视角,检验了公司信息披露质量对商业信用融资和银行借款融资产生的影响,以及在经济政策不确定性上升的宏观背景下,这种影响发生的变化。研究发现:在融资需求一定的条件下,信息披露质量高的公司可获得更多商业信用,而银行借款由于对信息的敏感度较低导致其融资占比在信息披露质量提高的情况下反而减少,这种关系在融资约束低的公司中更易显现。经济政策不确定性弱化了信息披露质量对商业信用融资的促进作用,加剧了信息披露质量对银行借款融资占比的负向影响,且更多存在于金融中介组织发育程度较高的地区。

Based on the sample of SZSE A-share listed firms during 2007 to 2017, from the perspective of different creditors, this paper examines the impact of the quality of corporate information disclosure on commercial credit financing and bank loan. And it studies in the context of the rising of economic policy uncertainty, how the impact changes. The results show that the firms of higher quality of information disclosure can get more commercial credit when financing needs are constant, but bank loan that is insensitive to information decreases when the quality of information disclosure is higher. It is more remarkable for firms with lower financing restriction. In addition, economic policy uncertainty weakens the positive impact of information disclosure on commercial credit financing, and it adds to the negative impact of information disclosure on bank loan. It is more remarkable for firms in areas where financial intermediaries are more developed.