交易所互动问询的实体经济效应研究--基于民营企业债务融资的证据

Real Effects of Comment Letters on Debt Financing:Evidence from Private Enterprises

随着信息披露监管的逐步变革,互动式问询函制度成为我国资本市场高质量发展的重要抓手。以2013—2017年间的民营上市公司为样本,可研究交易所互动问询对民营企业债务融资能力的影响以及具体的作用机制,并进一步探讨由此产生的溢出效应。研究结果表明,互动问询可以通过挤压企业披露更相关的信息和增强民营企业的会计信息稳健性来增强公司债务融资能力,具体表现为降低民营企业债务融资成本和增加债务融资规模。同时,交易所的互动问询具有溢出效应,能够增强被问询公司同行业同地区公司的债务融资能力。

Based on China’s A-share listed private enterprises in the period 2013-2017,we examine how comment letters affect corporate debt financing.Result shows that firms get lower interest rates and more debts after receiving a comment letter by improving information disclosure and information conservatism.Further analyses show that there exists a spillover effect of comment letters through which peer firms get lower costs and larger loans.In addition,a series of cross-sectional tests and sensitivity tests were carried out.Overall,the conclusions of this paper provide empirical evidence for the information effect of interactive inquiry by securities regulation.