摘要
现有企业信息披露研究侧重于其对股东决策的影响,然而供应商作为重要的利益相关者,也会依赖于企业信息披露而调整商业信用策略。利用深交所的信息披露考核来表征公司信息披露质量,实证考察了企业不同信息披露质量对商业信用的影响,以及外部市场环境对两者关系的进一步作用。研究发现,企业的信息披露质量越高,获取的商业信用越多,说明公司信息披露可以降低违约风险和信用风险;进一步研究发现,在竞争更为激烈的行业、市场化程度高的地区,信息披露质量对商业信用的影响更为显著,说明企业信息披露质量对商业信用正面作用的发挥依赖于市场因素。
Existing literature on information disclosure focuses on the impact of shareholder decisions.However,as one of the important stakeholders,suppliers also adjust their commercial credit strategies for the buyers’ information disclosure. Using the information disclosure assessment of Shenzhen Stock Exchange,this paper studies the impact of the quality of firms’ information disclosure on their access to commercial credit, and the interactive effect of external market environment.The empirical results demonstrate that the higher the firms’information disclosure quality,the more accurate information their suppliers obtain,and therefore,the more commercial credits these firms obtain from their suppliers.The result indicates that high-quality information disclosure reduces default risk and credit risk.Further analysis finds that the relationship between information disclosure quality and commercial credit is more pronounced in competitive industries,or in areas with a high-degree of marketization,suggesting that the positive impact of information disclosure quality on commercial credit is closely related to market factors.
出处
《会计与经济研究》
北大核心
2014年第6期16-26,共11页
Accounting and Economics Research
基金
国家社会科学基金项目(13BJY015)
辽宁省社会科学规划基金(L13DJY092)
辽宁工业大学教师科研启动基金项目(X201405)
关键词
信息披露
商业信用
产品市场竞争
地区市场发展
information disclosure
commercial credit
product market competition
regional market development
