融资约束视角下的企业信息披露行为研究——基于增值税转型自然实验的经验证据被引量：11

A Research on the Behavior of Information Disclosure from the Prospective of Financial Constraints:Evidence from the 2005 Reform of Added Value Tax

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摘要使用自然实验法研究了融资约束与企业信息披露之间的因果关系,把2004年增值税转型在东北的试点作为融资约束缓和的外生冲击,研究发现,事件前后企业信息披露质量有显著下降,融资约束与信息披露之间呈正相关关系。按照企业产权性质、KZ指数和SA指数为基准区分了高融资约束组和低融资约束组,发现,在事先存在高融资约束的企业中,融资约束与企业信息披露正相关的关系更强,即事前受到较强融资约束的企业在事件前后信息披露调整更大。研究还发现:融资约束与信息披露之间关系的理论基础是信息不对称,企业选择信息披露政策时会考虑信息披露成本和融资成本,当融资约束缓和时,企业的融资压力减轻从而减少信息披露。融资约束与信息披露正相关的结论表明,融资约束是影响信息披露的重要因素之一。 We use the natural experiment method to study the relationship between financial constraints and corporate information disclosure. We took 2004 VAT reform in northeast of China as an exogenous shock which relieved financing constraints,the study found that the corporate information disclosure quality decreased significantly after the event. Financing constraints are positively related to information disclosure. We separated high financial constraints and low financial constraints by ownership of enterprises,KZ-index and SA-index. We found that the positive relationship between financing constraints and corporate information disclosure were stronger in the state-owned enterprises and high financial constraints enterprises,which means that enterprises in financing constraints before the event would adjust themselves more. The relationship between financing constraints and information disclosure is based on the theory of asymmetric information; enterprise information disclosure policy would consider the information disclosure and financing costs. When financing constraints eased,the corporate financing pressure decreased and reduced the quality of information disclosure. The conclusion of the positive relationship between financing constraints and information disclosure is one of the important factors that affects the information disclosure,which can also be used as a reference factor when making information disclosure policy.

作者张铁铸金豪

机构地区上海对外经贸大学金融管理学院

出处《审计与经济研究》 CSSCI 北大核心 2017年第6期102-115,共14页 Journal of Audit & Economics

基金国家社会科学基金项目(12BGL003)

关键词融资约束信息不对称信息披露增值税转型盈余管理融资压力内部融资外部融资融资成本 financial constraints information asymmetry information disclosure added-value tax reform earnings management financing pressure internal financing external financing financing cost