年报问询函监管对债务融资规模的影响研究

Research on the Impact of Annual Report Inquiry on the Scale of Debt Financing

以2015-2019年A股上市公司为研究样本,基于信号传递理论研究了证券交易所年报问询函监管对企业债务融资规模的影响,以及分析师关注、企业社会责任对二者关系的调节作用。研究发现,年报问询函监管可以降低企业债务融资规模,分析师关注、企业社会责任能够削弱年报问询函监管对债务融资规模的负面影响。进一步分析得出,年报问询函中的问题数量、字数、涉及“内部控制”相关内容,都影响企业债务融资规模。

Taking the 2015—2019 A-share listed companies as a research sample,this article studies the impact of supervising the annual report of the stock exchange on the scale of corporate debt financing based on the signaling theory,and the regulatory role of analysts’concerns and corporate social responsibility on the relationship.The study finds that the annual report inquiry letter supervision reduces the scale of corporate debt financing,and analysts’concerns and corporate social responsibility weakens the negative impact of the annual report inquiry letter supervision on the debt financing scale.Further analysis show that the number of questions in the annual report inquiry letter,the number of words,the content related to“internal control”all affect the scale of corporate debt financing.