【作者】 徐玉德； 洪金明；

【机构】 财政部科研所财务会计研究室； 财政部科研所研究生部；

【摘要】 银行具有依据企业会计信息质量、利用贷款合约条款来保护自身利益的意愿。高质量的信息披露能够有效降低银行的信贷风险,缓解公司所面临的债务融资约束。本文具体考察了在不同的制度环境下信息披露水平对企业债务融资的影响。研究发现,提高信息披露水平能显著降低企业的银行债务融资约束,信息披露质量高的公司越容易获得银行借款。进一步研究发现,这一作用还受到企业所有权性质和制度环境因素的影响:相对国有企业而言,信息披露质量对非国有企业新增银行借款的影响更显著;在市场化水平越高、政府干预程度越低、法治环境越好的地区,信息披露质量对新增银行借款的影响越显著。更多还原

【Abstract】 The Banks have the will to protect their own interests based on the quality of accounting information and the loan contract terms.High quality information disclosure can reduce credit risk of the banks,and mitigate the debt financing constraints of the enterprises.This article specifically examines in different institutional environments the impact of information disclosure levels on the enterprises’ debt financial constraints.The results show that improving information disclosure levels can significantly reduce the enterprises’ debt financing constraints,and the enterprises with high quality information disclosure have more access to bank loans.Further research also shows,the effect also is influenced by ownership of enterprises and institutional environmental factors.Relative to state-owned enterprises,the impact of information disclosure quality on new bank loans of non state-owned enterprises is more significant.In the area with higher marketization process,lower government intervention and the higher law level,information disclosure quality has more significant impact on the new bank loans.更多还原