信以立城,融而兴业:城市信用建设与企业信贷融资

Building a City with Credit,Promoting Industry with Integration:Urban Credit Construction and Enterprise Credit Financing

良好的信用环境是资金往来畅通和稳定的基本需要,从制度到基础设施的信用建设是优化营商环境、发展信用经济的根基。通过使用2016—2022年沪深A股上市企业面板数据以及国家公共信用信息中心公布的城市综合信用指数,研究城市信用水平对企业信贷融资的影响。研究结果表明:第一,在失信环境里,上市企业的高信息透明度以及强外部监管缓解了信息不对称问题,提高了违约成本,比非上市企业具有较低的违约风险,从而能获得更高比例的信贷融资;第二,在信用建设水平较高的城市,不同信息透明度和违约成本的上市企业之间信贷融资比例差距较小;第三,城市的信用水平越低,上市企业的长期信贷融资比例越高,短期信贷融资所受影响并不显著。未来,应进一步推进信用信息资源共享,完善失信联合惩戒机制,推进城市信用建设的高质量发展。

A good credit environment is a basic need for smooth and stable financial exchanges,and credit construction from system to infrastructure is the root of optimizing the business environment and developing a credit economy.This paper uses the panel data of A-share listed enterprises in Shanghai and Shenzhen from 2016 to 2022 and the city comprehensive credit index published by the National Center for Public Credit Information to study the impact of the city’s credit level on corporate credit financing.The findings show that,first,the high information transparency of listed firms as well as strong external regulation alleviates the information asymmetry problem and raises the cost of default,which gives them a lower risk of default compared to non-listed firms in a default environment,thus enabling them to obtain a higher proportion of credit financing.Second,in cities with a higher level of credit building,the gap in the proportion of credit financing among listed firms with different information transparency and default costs is smaller.Third,the lower the credit level of a city,the higher the proportion of long-term credit financing of listed firms,while the effect on short-term credit financing is not significant.In the future,we should further promote the sharing of credit information resources,improve the mechanism of dishonesty joint punishment,and promote the high-quality development of urban credit construction.