摘要
本文选取中国2010—2018年的A股上市制造业公司为样本,基于信号传递理论探究了商业信用、年报文本对企业借贷成本的影响。研究发现,良好的商业信用可以降低企业的借贷成本,文本可读性较差的年报会导致企业借贷成本上升,文本情感倾向较为积极的年报能够降低企业借贷成本。基于商业信用与银行贷款间的联系、银行与企业的关系视角,本文证明了信号能够通过影响银企信贷过程中的信息不对称发挥作用。本文通过异质性分析发现,商业信用在不同情形下都能够发挥信号效应,但年报文本的信号效应在不同情形下存在差异。当区域信贷资源约束较为紧张、企业潜在风险较高时,年报文本的作用更显著;而当企业存在较为严重的盈余操纵行为时,年报文本的参考性将会下降。本文的研究结论对银行降低信贷风险、银行准确评估信贷价格、银行和企业双方改善银企关系、企业拓宽信用边界有一定的参考意义。
This paper selects the A-share listed manufacturing firms in China stock markets as the primary sample,and empirically study the impact of trade credit and annual report on the cost of borrowing based on the signaling theory.We find that trade credit can reduce the borrowing cost as a signal.The annual reports with poor readability will lead to the increase of the cost.When the annual report is more positive,it can reduce the cost.Based on the relationship between trade credit and bank loans and the bank-enterprise relationship,this paper proves that signals can play a role by affecting information asymmetry in the process of bank-enterprise credit.Heterogeneity analysis shows that trade credit can exert signal effect in different situations,but the text information is different.When the regional credit resources are tighter and the potential risks of enterprises are higher,the role of text information is more significant,but if there are too much earnings management,the reference of text information will decline.Our conclusion is significant for banks to reduce credit risk and accurately evaluate credit price,it could also be used for reference in improving bank-enterprise relationship and broadening enterprise credit boundary.
作者
左月华
刘晓军
代昀昊
刘博元
Zuo Yuehua;Liu Xiaojun;Dai Yunhao;Liu Boyuan
出处
《金融学季刊》
2022年第1期1-24,共24页
Quarterly Journal of Finance
基金
国家社会科学基金项目(21BJY079)的资助
关键词
商业信用
年报文本
借贷成本
信息不对称
信号传递
Trade Credit
Annual Report
The Cost of Borrowing
Information Asymmetry Signaling
作者简介
左月华,华中科技大学经济学院副教授;通信作者:刘晓军,华中科技大学经济学院博士研究生,联系地址为湖北省武汉市洪山区关山街道1037号华中科技大学经济学院,联系方式:E-mail为kulxj4710@outlook.com;代昀昊,华中科技大学经济学院副教授;刘博元,华中科技大学计算机科学与技术学院硕士研究生。
