融资约束视角下的企业信息披露行为研究——基于增值税转型自然实验的经验证据

发布时间：2018-03-10 15:13

本文选题：融资约束　切入点：信息不对称　出处：《审计与经济研究》2017年06期 　论文类型：期刊论文

【摘要】：使用自然实验法研究了融资约束与企业信息披露之间的因果关系,把2004年增值税转型在东北的试点作为融资约束缓和的外生冲击,研究发现,事件前后企业信息披露质量有显著下降,融资约束与信息披露之间呈正相关关系。按照企业产权性质、KZ指数和SA指数为基准区分了高融资约束组和低融资约束组,发现,在事先存在高融资约束的企业中,融资约束与企业信息披露正相关的关系更强,即事前受到较强融资约束的企业在事件前后信息披露调整更大。研究还发现:融资约束与信息披露之间关系的理论基础是信息不对称,企业选择信息披露政策时会考虑信息披露成本和融资成本,当融资约束缓和时,企业的融资压力减轻从而减少信息披露。融资约束与信息披露正相关的结论表明,融资约束是影响信息披露的重要因素之一。
[Abstract]:The causality between financing constraint and enterprise information disclosure is studied by using natural experiment method. The experiment of VAT transformation in Northeast China in 2004 is regarded as the exogenous impact of financing constraint mitigation. Before and after the event, the quality of enterprise information disclosure decreased significantly, and the relationship between financing constraints and information disclosure was positive. According to the nature of property rights of enterprises, KZ index and SA index were used as the benchmarks to distinguish the high and low financing constraint groups, and it was found that, Among the enterprises with high financial constraints in advance, the relationship between financing constraints and enterprise information disclosure is stronger. That is to say, enterprises with strong financial constraints have greater adjustment in information disclosure before and after the event. The study also finds that the theoretical basis of the relationship between financing constraints and information disclosure is information asymmetry. Information disclosure costs and financing costs will be taken into account when enterprises choose information disclosure policies. When financing constraints are relaxed, the financing pressure of enterprises will be reduced, thus reducing information disclosure. The conclusion that financing constraints are positively related to information disclosure shows that, Financing constraint is one of the important factors affecting information disclosure.
【作者单位】：上海对外经贸大学金融管理学院;
【基金】：国家社会科学基金项目(12BGL003)
【分类号】：F275;F812.42

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