摘要
借助“全国文明城市评选”这一准自然实验,基于对2003—2021年中国地级市与沪深A股上市公司进行匹配的面板数据,考察文明城市创建对企业商业信用的影响及其作用机制。研究发现,文明城市创建显著促进了辖区内企业商业信用获取。进一步分析表明,影响机制在于优化外部公司治理和提高企业信息透明度,且这一积极作用在所处城市行政级别较高、所处行业竞争激烈、审计质量低、资产可抵押程度低和负债水平高的企业中更为突出。研究有助于深入分析文明城市创建的经济后果,并为文明城市评选的持续推进提供经验参考。
We take“National Civilized City Selection”as a quasi-natural experiment,and examine the impact of the establishment of civilized cities on corporate trade credit and its mechanism,based on panel data matching prefecture-level cities with Shanghai and Shenzhen A-share listed companies from 2003 to 2021.The study shows that the establishment of civilized cities significantly facilitates the acquisition of trade credit by enterprises in the jurisdiction.Further analysis shows that the impact mechanism lies in optimising external corporate governance and improving the transparency of corporate information,and that this positive effect is more prominent among enterprises located in cities with higher administrative levels,in industries with intense competition,with low quality audit,with low collateral level of assets and with high levels of indebtedness.The study contributes to an in-depth analysis of the economic consequences of the establishment of civilized cities and provides empirical references for the continued promotion of civilized city selection.
作者
刘建秋
周承芳
徐雨露
LIU Jianqiu;ZHOU Chengfang;XU Yulu(School of Accounting,Hunan University of Technology and Business,Changsha 410205,China;Changsha Auditing Association,Changsha 41000,China)
出处
《南京审计大学学报》
北大核心
2023年第6期41-50,共10页
Journal of Nanjing Audit University
基金
国家社会科学基金项目(18BGL098)
湖南省研究生科研创新项目(CX20231186)
湖南省研究生科研创新项目(CX20221129)。
关键词
文明城市创建
商业信用
外部治理
信息透明度
企业融资
公司治理
establishment of civilized cities
trade credit
external governance
information transparency
corporate financing
corporate governance
