金融危机下信息披露与制度环境对债务融资影响的实证研究

An Empirical Study on the Influence of Information Disclosure and Institutional Environment on the Debt Financing under the Financial Crisis

本文以2007~2009年深市A股非金融保险类上市公司为样本,分析信息披露质量与制度环境对债务融资的影响,得出以下结论:信息披露质量与新增银行借款存在显著地正相关关系;在金融危机深刻的2009年,金融危机削弱了信息披露质量与新增银行借款的正相关关系;市场化程度越高、政府干预程度越低、法治水平越高的地区,信息披露质量越高,银行新增借款越多。

This paper, taking the 2007-2009 data for the non-financial and insurance listed companies of A share in Shenzhen Stock Exchange as the sample, analyzes the impact of information disclosure quality and institutional environment on debt financing, and draws the following conclusions: the information disclosure quality and new bank loans are significantly positively correlated;in the deep financial crisis of 2009, the financial crisis weakened the positive correlation between the information disclosure quality and new bank loans;in the area with higher degree market, lower degree of government intervention and higher level of law, the quality of information disclosure is much higher and more new bank borrowings appear.