信息披露质量对企业债务融资的影响研究——基于创业板上市公司的实证分析

Impact of information disclosure quality on corporate debt financing:empirical analysis based on the GEM usted companies

上市公司信息披露是资本市场建设的重要内容之一。文章以2016—2018年深圳证券交易所创业板上市公司为研究对象,研究信息披露质量对企业债务融资的影响。实证结果表明:高质量的信息披露可以提高企业的商业信用水平,降低银行借款融资约束程度,从而缓解企业融资难的问题;信息披露质量的高低对企业债务融资成本有着直接影响,信息披露水平越高,债务融资成本越低,两者呈显著的负相关关系。

Information disclosure of listed companies is one of the important contents of capital market construction. This paper studies the impact of information disclosure quality on corporate debt financing by taking Shenzhen Stock Exchange GEM listed companies from 2016 to 2018 as the research object. Empirical results show that high-quality information disclosure can improve the business credit level of the enterprise, reduce the degree of bank borrowing and financing constraints, and thus alleviate the problem of enterprise financing difficulties. Moreover, the quality of information disclosure has a direct impact on the cost of enterprise debt financing. The higher the level of information disclosure, the lower the cost of debt financing. The two have a significant negative correlation.