摘要
定向披露的会计信息是银行甄别企业负债融资能力的关键证据。本文选取6657笔真实借贷交易的会计信息,结合银企关系信息实证分析了非对称信息下企业经营效率与负债融资能力之间的关系。主要发现:(1)企业是否对外举债是基于负债能力的权衡行为,行为总体上符合权衡理论假说,证实企业经营效率传递了负债能力信号;(2)银企关系信息能弥补小企业会计信息信号效应的不足。本文的政策含义是,破解当前异质企业的融资难问题,需在提高企业经营效率和信息披露质量的基础之上发展关系型融资。
Accounting information disclosed to banks by enterprises is the key evidence for screening enterprises financing capacity.This paper extracts accounting information from 6657 loan transactions,and empirically analyses the relationship between operating efficiency,debt capacity and debt financing capacity under asymmetric information.We finds that:(1)whether an enterprise external borrowing or not is a trade-off behavior based on debt capacity,which generally conforms to the Trade-off hypothesis.After introducing instrumental variables,it is further confirmed that enterprise efficiency is positively correlated with debt capacity.(2)Importantly,we find that bank-firm relationship can make up for the validity of small enterprises contract.It is important to improve operating efficiency,the quality of information disclosure and develop the relationship lending for solving the financing difficulty of heterogeneous enterprises.
作者
殷孟波
吴佳其
Yin Mengbo;Wu Jiaqi
出处
《财经科学》
CSSCI
北大核心
2020年第4期37-45,共9页
Finance & Economics
基金
国家社会科学基金年度项目“‘试验区’金融国企改革与区域金融协同发展的制度优化研究”(17BJY181)
四川省社科基金规划项目“四川省国企深化改革中的区域金融协同发展路径研究”(SC16B095)
中央高校基本科研重大基础理论研究项目“国企深化改革中的中国金融深化研究”(JBK161106)。
关键词
融资难
经营效率
负债能力
会计信息
银企关系
Financing Difficulty
Operating Efficiency
Debt Capacity
Accounting Information
Bank-firm Relationship
