证券交易所一线监管与公司债务融资——基于财务报告问询函的证据

本文从债权人保护视角检验证券交易所一线监管对公司债务融资的影响。研究发现,上市公司收到财务报告问询函后新增银行借款和商业信用均减少,并且问询函所暴露出的问题越严重、公司信息环境或会计信息质量越差,新增银行借款和商业信用减少的幅度就越大。进一步研究发现,不同特征的财务报告问询函对债务融资的影响不同;财务报告问询函对公司债务融资的影响在民营企业和货币政策宽松的年度更明显。研究说明,证券交易所一线监管能够有效保护债权人的利益,维护资本市场的健康发展。

Front-line Regulation of Stock Exchanges and Corporate Debt Financing:Evidence Based on Inquiry Letters about Financial Reports

This paper examines the impact of the front-line regulation of the stock exchange on corporate debt financing from the perspective of creditor protection.The research finds that the new bank loan and commercial credit decrease after the listed company receives the financial report inquiry letter,and the more serious the problems exposed by the inquiry letter and the worse the company's information environment or the quality of accounting information,the more the new bank loan and commercial credit decrease.Further research shows that the impact of financial report inquiry letters with different characteristics on debt financing is different.The impact of financial inquiry letters on corporate debt financing is more pronounced in years for private companies and when monetary policy is loose.The study shows that the front-line regulation of the stock exchange can effectively protect the interests of creditors and maintain the healthy development of the capital market.