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论文编号：	13137
作者编号：	2120202818
上传时间：	2022/6/6 20:58:11
中文题目：	上市公司年报文本信息对债务融资成本的影响研究
英文题目：	Research on the Influence of Text Information of Listed Companies'' Annual Reports on the Cost of Debt Financing
指导老师：	李姝
中文关键字：	年报文本信息复杂性；年报语调；债务融资成本
英文关键字：	The complexity of the annual report text information; the tone of the annual report; the cost of debt financing
中文摘要：	近年来，年报文本信息的披露越来越受到各方关注。相较于财务数据信息，年报文本信息的客观性较差，难以量化衡量，被操纵的可能性较大。管理者可能通过操纵年报文本信息进行印象管理，影响债权人正确理解和判断企业的经营情况，致使其与债权人的信息不对称程度加深，影响融资成本。另一方面，债务融资依旧是我国企业主要的外部融资方式，如何降低债务融资成本是学术界和资本市场最为关注的话题之一。所以，文本拟探究年报文本信息特征对企业债务融资成本的影响。 本文将从信息不对称和印象管理的视角出发，以年报文本信息复杂性和年报语调作为年报文本信息特征的代理变量，利用沪深两市A股上市公司2007年-2020年的数据为研究样本，实证检验年报文本信息特征对债务融资成本的影响。实证研究发现：第一、年报文本信息复杂性与企业债务融资成本正相关。复杂难懂的年报文本信息会提高企业的债务融资成本。主要的原因是复杂的年报文本信息加深了企业与债权人的信息不对称程度，债权人会要求更高的风险溢价。第二、年报语调与企业债务融资成本负相关。相较于正面语调，负面语调的信息披露会使债权人要求更高的风险溢价，增加了企业的债务融资成本。第三、相比较而言，非国有企业、外部审计质量较差的企业、小规模企业以及盈利的企业，年报文本信息特征对债务融资成本的影响更加显著。此外，本文还通过更换变量的衡量方式及利用工具变量进行稳健性检验，以使本文的结果更加可靠稳健。本文的结论有助于上市公司完善信息披露制度，为企业从年报披露的角度降低债务融资成本提供有益参考。
英文摘要：	In recent years, the disclosure of annual report text information has attracted more and more attention from all parties. Compared with financial data information, the textual information of the annual report is less objective, difficult to quantify, and more likely to be manipulated. Managers may manipulate the textual information of the annual report for impression management, which affects the creditors' correct understanding and judgment of the company's business operation, resulting in a deepening of information asymmetry between the company and creditors, and affecting the company's financing costs. However, debt financing is still the main external financing channel. How to reduce the cost of debt financing is one of the most concerned topics in academic circles and capital markets. Therefore, the text intends to explore the influence of the information of the annual report text on the cost of debt. From the perspective of information asymmetry and impression management, this paper takes the information complexity and the tone of the annual report as proxy variables for the information characteristics of the annual report, and uses the data of A-share listed companies from 2007 to 2020 as a research Sample, empirically test the impact of annual report text information on debt financing costs. The research results show that: First, the complexity of annual report text information is positively correlated with the cost of corporate debt. The complicated and incomprehensible text information of the annual report will have a negative impact on the cost of the debt. The reason is that the complex annual report text information deepens the degree of information asymmetry, and creditors will demand higher risk premiums. Second, the tone of the annual report is negatively correlated with the cost of corporate debt. Compared with positive tone, negative tone of information disclosure will make creditors demand a higher risk premium and increase the debt financing cost of enterprises. Third, in comparison, non-state-owned enterprises, enterprises with poor external audit quality, and small-scale enterprises have a more significant impact on the cost of debt financing by the characteristics of annual report text information. In order to make the research results more reliable, we conducts robustness test. The conclusions of this paper will help listed companies improve the information disclosure system and provide a useful reference for companies to reduce debt financing costs .
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