战略合作信息披露质量对企业信用风险影响的实证研究

Strategic Cooperation Information Disclosure Quality and Corporate Credit Risk

战略合作信息披露逐渐成为政府监管部门关注的焦点,信用是企业融资的根本,是金融市场的根基,分析战略合作信息披露对企业信用风险的影响具有重要意义。本文基于A股上市公司战略合作协议公告数据,利用文本分析法,实证研究战略合作信息披露对信用风险的影响。研究发现:战略合作信息披露质量与上市公司信用风险显著负相关,即信息披露质量越高,信用风险越低,且对不同性质的公司影响具有异质性,民企的战略合作信息披露质量越高,越能降低信用风险,对国企则无显著影响。研究结果为上市公司提高战略合作信息披露质量降低信用风险提供了经验证据,为上市民营公司降低融资成本、提高经营绩效提供了相关的政策参考。

The strategic cooperationinformation disclosure of listed companies has gradually become the focus of government regulatory departments. The analysis of the impact of cooperation information disclosure on the credit risk of listed companies is a realistic problem that the academic needs to solve because credit is the foundation of Corporate Finance and Finance Market. Based on the strategic cooperation agreement announcement data of a-share listed companies, this paper uses text analysis method to analysis the credit risk effect of strategic cooperation information disclosure. The results show that : the quality of strategic cooperation information disclosure has a significantly negative correlation with the credit risk of listed companies, namely, the higher the quality of information disclosure is, the lower the credit risk is. Moreover, the impact on companies of different ownerships is heterogeneous. The higher the quality of strategic cooperation information disclosure of private enterprises is, the more credit risk can be reduced, but such effect on state-owned enterprises is not significant. The research of this paper provides empirical evidence for listed companies to improve the quality of strategic cooperation information disclosure and reduce credit risk and provides relevant policy reference for listed private companies to reduce financing costs and improve business performance.