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论文编号：	14698
作者编号：	2120223657
上传时间：	2024/6/6 10:51:26
中文题目：	企业自愿性信息披露与商业信用融资
英文题目：	Corporate Voluntary Information Disclosure and Commercial Credit Financing
指导老师：	刘志远
中文关键字：	自愿性信息披露；商业信用融资；信息效应；声誉效应
英文关键字：	Voluntary information disclosure; Commercial credit financing; Information effect; Reputation effect
中文摘要：	企业融资约束问题在我国的商业环境中普遍存在，信贷歧视等因素导致很 多企业难以从传统融资渠道获取足够的资金，这在一定程度上阻碍了企业的可 持续发展。商业信用融资能够有效解决企业短期资金的筹措问题，降低融资成 本，提高融资效率，改善融资结构，对于缓解企业的融资约束和促进供应链的 协同发展具有重要意义。 供应商为企业提供商业信用的决策依赖于企业的信用和还款能力，企业披 露的各种信息成为供应商决策的关键。相比于企业强制披露的信息，企业自愿 性披露的信息涵盖更多与企业经营状况、风险情况及公司治理等相关的信息， 信息范围更广，内容更加丰富，能够为供应商评估企业信用提供更多的信息参 考，传递企业经营稳健的信号，进而对供应商的授信决策产生重要影响。 在现有理论和文献的基础上，本文以沪深 A股 2007-2022年的上市公司为 研究样本，理论分析并实证检验了：（ 1）企业自愿性信息披露对其获取商业信 用融资的影响；（ 2）信息效应和声誉效应在自愿性信息披露与商业信用融资之 间发挥的中介机制作用；（ 3）在不同的产权性质、不同行业竞争程度和不同供 应商集中度下，企业自愿性信息披露对商业信用融资影响的差异性。 研究结论主要有：（1）自愿性信息披露会给披露企业带来更多的商业信用 融资，这一结论在纠正内生性、替换被解释变量、滞后一期解释变量、增加控 制变量后仍然稳健；（2）从影响机制来看，信息效应和声誉效应在企业自愿性 信息披露与商业信用融资之间发挥了中介机制作用，即企业自愿性信息披露能 够通过减少信息不对称和提升企业声誉来增加其从供应商处获得的商业信用融 资；（ 3）进一步异质性检验发现，在非国有企业、所在行业竞争程度激烈的企 业以及供应商集中度高的企业中，自愿性信息披露对获取商业信用融资的促进 作用更为显著。本文丰富了自愿性信息披露经济后果和商业信用融资影响因素 的研究，并且在一定程度上能够为企业获取商业信用融资以及政府规范自愿性 信息披露和商业信用融资行为提供实践借鉴。
英文摘要：	The problem of corporate financing constraints is widespread in China's business environment, and factors such as credit discrimination make it difficult for many enterprises to obtain sufficient funds from traditional financing channels, which to some extent hinders the sustainable development of enterprises. Commercial credit financing can effectively solve the problem of raising short-term funds for enterprises, reduce financing costs, improve financing efficiency, and improve financing structure. It’s of great significance to alleviate enterprises’ financing constraints and promote the supply chain’s coordinated development. The decision of suppliers to provide commercial credit to enterprises depends on the credit and repayment ability of the enterprise, and the various information disclosed by the enterprise becomes the key to supplier decision-making. Compared to the information that companies are forced to disclose, The voluntary disclosure of information by enterprises covers more information related to the operation status, risk situation, and corporate governance of the enterprise. The scope of information is wider and the content is richer, which can provide more information references for suppliers to evaluate corporate credit, transmit signals of stable business operations, and thus have a significant impact on supplier’s credit decisions. On the basis of existing theories and literature, this article takes listed companies in the Shanghai and Shenzhen A-shares from 2007 to 2022 as research samples, analyzes and empirically tests: (1) the impact of voluntary information provided by companies on their ability to obtain commercial credit; (2) The mediating role of information and reputation effects between voluntary information disclosure and commercial credit financing; (3) The differences in the impact of voluntary information disclosure on commercial credit financing by enterprises under different property rights, industry competition levels, and supplier concentration. The research conclusions mainly include: (1) Voluntary disclosure of information by enterprises can increase their access to commercial credit financing II Abstract scale, and this conclusion remains robust after correcting endogeneity, replacing the dependent variable, lagging one period of explanatory variable, and adding control variables; (2) From the perspective of the impact mechanism, the information effect and reputation effect play an intermediary role between voluntary information disclosure and commercial credit financing by enterprises. That is, voluntary information disclosure can increase the commercial credit financing obtained from suppliers by reducing information asymmetry and enhancing corporate reputation; (3) Further heterogeneity testing found that voluntary information disclosure has a more significant promoting effect on obtaining commercial credit financing in non-state owned companies, companies with intense industry competition, and companies with high supplier concentration. The research conclusion of this article enriches the research on the economic consequences of voluntary information disclosure and the influencing factors of commercial credit financing, and can to a certain extent provide practical guidance for companies to obtain commercial credit financing and for governments to regulate voluntary information disclosure and commercial credit financing behavior.
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