管理层语调对企业债务资本成本的影响

Influence of Management Intonation on the Cost of Corporate Debt Capital

研究基于信息不对称理论和印象管理理论,以2014—2018年A股上市公司的经验数据为基础,对管理层语调对企业次年债务资本成本的影响进行实证检验,并进一步检验了企业会计信息质量不同的情况下管理层语调与企业债务资本成本之间的关系.得出如下结论:在短期内,管理层净语调能够显著降低企业债务资本成本,管理层消极语调会导致企业债务资本成本增加,债权人对积极语调的反应不显著,当会计信息质量较高时,管理层语调信息与债务资本成本的关系更显著.根据研究结论,提出了政府有效监督企业信息披露行为、管理层合理披露会计信息、外部投资者准确辨识会计信息的建议,旨在规范企业信息披露行为,提高资本市场信息透明度.

Based on asymmetric information theory and impression management theory,this paper makes an empirical study on the influence of the management intonation on the cost of corporate debt capital in the next year through analyzing the data of A-share listed companies from 2014 to 2018,and further tests the relationship between the management intonation and the cost of debt capital under different qualities of company’s accounting information.It is concluded that,in the short run,the net intonation of management could significantly decrease the company’s cost of debt capital,while the negative one will increase the cost;creditors’response to positive intonation is not significant.When the quality of accounting information is high,the relationship between the management intonation and the cost of debt capital will be more significant;accordingly,it is proposed that the government should effectively supervise enterprises’information disclosure,the management should reasonably disclose accounting information,and external investors should accurately identify accounting information,so that enterprises can disclose information normally and improve the transparency of capital market information.