摘要
本文考察了证券交易所非处罚性监管办法之一问询函制度是否会对收函企业商业信用融资产生影响。研究发现,供应商、客户能够接收到问询函传递的收函企业各类风险信号,调整信用政策。问询的频度、深度越高,收函企业商业信用融资水平越低。较高的市场地位、良好的地区诚信环境和法制环境能有效缓解问询函对收函企业商业信用融资的负面影响。进一步研究表明,被交易所问询的频度、深度越高的企业未来陷入财务困境、出现债务违约的可能性就越大,这从事后验证的角度证实了问询函的风险预警作用可靠。因此,供应商、客户在制定商业信用政策时应将交易所公布的问询函纳入考虑范围。
This paper examines whether the query letters system,one of the main non-penalty regulation measures formulated by stock exchanges,will affect the trade credit financing of firms that receive the query letter.The results show that suppliers and customers can receive various risk signals about the receiving firms transmitted by the query letters,and then adjust the credit policy for this firm.The higher the frequency and depth inquired by the stock exchange,the lower the level of trade credit financing of the receiving companies.In addition,the high market position,the good regional credit and legal environment can effectively alleviate the negative effects of the query letters supervision on the receiving firms’trade credit financing.Further research shows that the higher the frequency and depth inquired by the stock exchange,the greater the probability of financial risks and debt defaults for receiving companies in the future.From the perspective of post-verification,this conclusion confirms that the risk early warning of the query letter is reliable and accurate.Therefore,suppliers and customers should take the query letter published by the stock exchange into consideration when formulating the trade credit policy.
作者
张勇
张春蕾
Zhang Yong;Zhang Chunlei
出处
《证券市场导报》
CSSCI
北大核心
2022年第5期57-68,共12页
Securities Market Herald
基金
教育部人文社会科学研究青年基金项目“投资者实地调研对企业投融资活动的影响研究:基于深交所‘互动易’平台的经验证据”(项目编号:19YJC630223)
江苏省社会科学基金项目“诚信纳税对江苏上市公司外部融资活动的激励效应研究”(项目编号:20GLD011)
南京林业大学2021年度人文社会科学(文科青年教师研究专项)“数字普惠金融对我国经济高质量发展的影响研究:基于企业全要素生产率视角”(项目编号:D2021YB07)。
关键词
交易所问询函
商业信用融资
市场地位
诚信环境
法制环境
财务风险预警
exchange query letters
trade credit financing
market position
credit environment
legal environment
financial risks warning
