分行业信息披露对企业债务融资成本的影响研究A Study of Industry Information Disclosure on Corporate Debt Financing Costs
闫珍丽,卢亚静,包甜甜,赵晓梅
摘要(Abstract)：
分行业信息披露以投资者需求为导向，通过完善分行业信息披露标准进而提升信息披露质量，其如何影响外部投资者风险感知进而降低企业债务融资成本是一个亟待探究的重要问题。以2011—2020年我国A股上市公司为样本，以沪深交易所交错发布分行业信息披露指引为准自然实验，本文系统分析了分行业信息披露对企业债务融资成本的影响及其作用机理。研究发现，分行业信息披露显著降低了企业债务融资成本。机制检验表明，分行业信息披露主要通过降低信息风险和经营风险降低企业债务融资成本。进一步结合企业所处市场竞争环境及业务复杂程度发现，市场竞争和业务复杂程度增强了分行业信息披露降低债务融资成本的积极作用。此外，分行业信息披露与债务融资规模的结果表明，分行业信息披露增加了企业债务融资规模。本文研究结论对优化行业经营性信息披露、降低外部投资者的风险感知进而降低企业债务融资成本具有重要的政策启示。
关键词(KeyWords)： 分行业信息披露;债务融资成本;信息风险;经营风险
基金项目(Foundation): 国家社科基金青年项目“合规建设对企业生产效率的影响研究”（项目批准号：24CJY132）的资助
作者(Author): 闫珍丽,卢亚静,包甜甜,赵晓梅
参考文献(References)：
- 陈冬，陈爱贞，刘志彪.2021.重大风险预期、企业投资与对冲机制.中国工业经济，(2):174-192.Chen D,Chen A Z,Liu Z B.2021.Expected major risks,corporate investment,and hedging mechanisms[J].China Industrial Economics,(2):174-192.(in Chinese) 陈汉文，周中胜.2014.内部控制质量与企业债务融资成本[J].南开管理评论，17(3):103-111.Chen H W,Zhou Z S.2014.Internal control quality and corporate bank credit loan cost[J].Nankai Business Review,17(3):103-111.(in Chinese) 陈蔚恒，李杲.2018.深市公司执行行业信息披露指引情况研究[J].证券市场导报，(11):60-65.Chen W H,Li G.2018.Research on the implementation of industry information disclosure guidelines for listed companies in Shenzhen stock market[J].Securities Market Herald,(11):60-65.(in Chinese) 陈信元，靳庆鲁，肖土盛，等.2014.行业竞争、管理层投资决策与公司增长/清算期权价值[J].经济学(季刊),13(1):305-332.Chen X Y,Jin Q L,Xiao S S,et al.2014.Industry competition,managerial investment,and equity value of growth/put options[J].China Economic Quarterly,13(1):305-332.(in Chinese) 高莺，史晋川.2003.对企业信息披露进行分行业监管的经济学分析[J].数量经济技术经济研究，(7):109-113.Gao Y,Shi J C.2003.An economic analysis of industry-specific regulation on corporate information disclosure[J].Quantitative & Technical Economics Research,(7):109-113.(in Chinese) 胡奕明，谢诗蕾.2005.银行监督效应与贷款定价——来自上市公司的一项经验研究[J].管理世界，(5):27-36.Hu Y M,Xie S L.2005.Banking supervision effect and loan pricing—Empirical research from listed companies[J].Journal of Management World,(5):27-36.(in Chinese) 黄昊，赵玲.2021.分行业信息披露、同侪压力与企业税收遵从——基于准自然实验的研究[J].当代财经，(5):40-51.Huang H,Zhao L.2021.Industry-classified information disclosure,peer pressure and corporate tax compliance—A study based on a quasi-natural experiment[J].Contemporary Finance & Economics,(5):40-51.(in Chinese) 姜付秀，刘志彪.2005.行业特征、资本结构与产品市场竞争[J].管理世界，(10):74-81.Jiang F X,Liu Z B.2005.The industrial feature,the capital structure and the product market competition[J].Journal of Management World,(10):74-81.(in Chinese) 姜丽莎，李超凡，冯均科.2020.新审计报告降低了债务融资成本吗?[J].审计研究，(3):68-76.Jiang L S,Li C F,Feng J K.2020.Does the new audit report reduce the cost of debt financing?[J].Auditing Research,(3):68-76.(in Chinese) 李广子，刘力.2009.债务融资成本与民营信贷歧视[J].金融研究，(12):137-150.Li G Z,Liu L.2009.Debt financing cost and credit discrimination on private listed firms[J].Journal of Financial Research,(12):137-150.(in Chinese) 李晓，张家慧，王彦超.2022.分行业信息披露监管对审计师的溢出效应——基于行业信息披露指引发布的证据[J].审计研究，(5):95-105.Li X,Zhang J H,Wang Y C.2022.The spillover effect of information disclosure regulation by industries on auditors—Evidence from the industry information disclosure guidelines[J].Auditing Research,(5):95-105.(in Chinese) 林钟高，李文灿.2021.监管模式变更有助于提高会计信息可比性吗?——基于信息披露分行业监管视角的经验证据[J].财经理论与实践，42(4):58-65.Lin Z G,Li W C.2021.Does the change of supervision mode help to improve the comparability of accounting information?Empirical evidence from the perspective of information disclosure industry regulation[J].The Theory and Practice of Finance and Economics,42(4):58-65.(in Chinese) 林钟高，李文灿.2021.监管模式变更影响会计稳健性吗?——基于信息披露分行业监管视角的经验证据[J].财务研究，(4):22-31.Lin Z G,Li W C.2021.Does the change of supervision mode affect the accounting conservatism?Empirical evidence from the perspective of information disclosure industry regulation[J].Finance Research,(4):22-31.(in Chinese) 刘行，赵健宇，叶康涛.2017.企业避税、债务融资与债务融资来源——基于所得税征管体制改革的断点回归分析[J].管理世界，(10):113-129.Liu H,Zhao J Y,Ye K T.2017.Corporate tax avoidance,debt financing,and debt financing sources—Regression discontinuity analysis based on the reform of income tax collection and management system[J].Journal of Management World,(10):113-129.(in Chinese) 刘珍瑜，刘浩.2021.季度经营信息披露与会计信息质量提升——基于监管创新的信息间作用研究[J].财经研究，47(4):139-153.Liu Z Y,Liu H.2021.Quarterly operating information disclosure and accounting information quality improvement:A research on the interaction of information in regulatory innovation[J].Journal of Finance and Economics,47(4):139-153.(in Chinese) 陆正飞，祝继高，孙便霞.2008.盈余管理、会计信息与银行债务契约.会计研究，(6):35-43.Lu Z F,Zhu J G,Sun B X.2008.Earnings management,accounting information,and bank debt covenants[J].Accounting Research,(6):35-43.(in Chinese) 罗进辉，刘玥，杨帆.2023.高管团队稳定性与公司债务融资成本[J].南开管理评论，26(5):95-106.Luo J H,Liu Y,Yang F.2023.Top management team stability and corporate debt financing cost[J].Nankai Business Review,26(5):95-106.(in Chinese) 聂辉华，谭松涛，王宇锋.2008.创新、企业规模和市场竞争：基于中国企业层面的面板数据分析[J].世界经济，(7):57-66.Nie H H,Tan S T,Wang Y F.2008.Innovation,firm size,and market competition:Panel data analysis based on Chinese enterprises[J].The Journal of World Economy,(7):57-66.(in Chinese) 钱雪松，唐英伦，方胜.2019.担保物权制度改革降低了企业债务融资成本吗?——来自中国《物权法》自然实验的经验证据[J].金融研究，(7):115-134.Qian X S,Tang Y L,Fang S.2019.Does reform of the security interests system reduce the cost of corporate debt?Evidence from a natural experiment in China[J].Journal of Financial Research,(7):115-134.(in Chinese) 王腊芳，袁甜，谢锐.2023.环境违法违规行为与债务融资成本[J].管理科学学报，26(4):193-208.Wang L F,Yuan T,Xie R.2023.Corporate environmental violations and debt financing cost[J].Journal of Management Sciences in China,26(4):193-208.(in Chinese) 王运通，姜付秀.2017.多个大股东能否降低公司债务融资成本[J].世界经济，40(10):119-143.Wang Y T,Jiang F X.2017.Do multiple blockholders reduce the cost of debt financing?[J].The Journal of World Economy,40(10):119-143.(in Chinese) 吴育辉，黄飘飘，陈维，等.2017.产品市场竞争、客户关系与企业信贷政策选择.管理科学学报，20(5):51-65.Wu Y H,Huang P P,Chen W,et al.2017.Product market competition,customer relationships,and corporate credit policy choices[J].Journal of Management Science,20(5):51-65.(in Chinese) 谢获宝，丁龙飞，廖珂.2019.海外背景董事与债务融资成本——基于董事会咨询和监督职能的中介效应[J].管理评论，31(11):202-211.Xie H B,Ding L F,Liao K.2019.Overseas background of directors and debt financing cost:The mediating effect based on board advisory and supervisory functions[J].Management Review,31(11):202-211.(in Chinese) Bharath S T,Sunder J,Sunder S V.2008.Accounting quality and debt contracting[J].The Accounting Review,83(1):1-28. De Franco G,Kothari S P,Verdi R S.2011.The benefits of financial statement comparability[J].Journal of Accounting Research,49(4):895-931. Dhaliwal D,Trezevant R,Wang S W.1992.Taxes,investment-related tax shields and capital structure[J].Journal of the American Taxation Association,14(1):1-21. Liu J Y,Ye K T,Liu Y R.2023.Mandatory information disclosure and innovation:Evidence from the disclosure of operational information[J].China Journal of Accounting Research,16(2):100294. Sengupta P.1998.Corporate disclosure quality and the cost of debt[J].The Accounting Review,73(4):459-474. Shi G F.2022.Does industry-specific information disclosure improve trade credit financing?[J].China Journal of Accounting Studies,10(2):203-227. Zhou Y.2022.Proprietary costs and corporate lobbying against changes in mandatory disclosure[J].Management Science,68(11):8483-8505.
- (1)为使图形更加美化,图1的图例放大了10倍。