夸大其词的“互联网+”信息披露能够影响银行信贷决策吗

Will Exaggerated"Internet Plus"Information Disclosure Affect Credit Decisions?

本文搜集并整理了2013—2018年A股上市公司年报中披露的关于“互联网+”的相关信息,研究了夸大其词的“互联网+”信息披露是否会影响银行信贷决策。实证研究发现,上市公司夸大其词的“互联网+”信息披露能够影响银行信贷决策。企业夸大其词程度越高,下一年度获取的银行借款越多,但增加的主要是短期贷款。同时,企业夸大其词的资源获取效应有一定的约束条件,只有在企业盈利能力较强、偿债能力较强、大股东掏空风险较小或环境不确定性较小的情况下,上述效应才成立。进一步研究发现,信贷资源配置过程中,银行并未识别出企业夸大其词的信号效应和机会主义,信贷决策效率较低。最后,治理机制的研究发现,随着企业信息环境的改善和信贷机构信息甄别能力的提高,夸大其词的“互联网+”信息披露的资源获取效应将难以奏效。

We collected the information about"Internet Plus"in the annual reports of A-share listed companies from 2013 to 2018,and investigated whether exaggerated"Internet Plus"information disclosure influenced banks’credit decisions.The empirical study found that the exaggerated"Internet Plus"information disclosure could influence banks’credit decisions.The more exaggerated the disclosure,the more bank loans,but mostly short-term loans,the company obtained in the next year.At the same time,there were certain constraints on the resource acquisition effect of exaggeration.The effect is established only when the company has higher profitability,stronger ability to pay back,lower risk of hollowing out by major shareholders,or less environmental uncertainty.Further research found that banks did not identify the signaling effect and opportunism of firms’exaggerated disclosures in the credit allocation process.Banks’credit decisions were less efficient.Finally,we found that the resource acquisition effect of exaggerated"Internet Plus"disclosure would be invalid with the improvement of corporate information disclosure environment and the information screening ability of the credit institutions.