摘要
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.
出处
《国际会计前沿》
2013年第4期29-39,共11页
Frontiers of International Accounting