政治关联、信息披露质量与债务融资成本

本文基于深交所主板和中小板上市公司2007年至2012年的政治关联数据,使用深交所公布的信息披露考评结果作为信息披露质量的代理变量,实证检验了政治关联、信息披露质量债务融资成本之间的关系。结果显示,企业信息披露质量的提升,能显著降低其债务融资成本;政治关联的存在削弱了企业信息披露质量与其债务融资成本间的相关性。

Political Association,Quality of Information Disclosure and Cost of Debt Financing

Utilizing political association data during 2007 to 2012 issued publicly by the listed company from board and small board on the Shenzhen Stock Exchange, and using information disclosure evaluation results released by the Shenzhen Stock Exchange as a proxy variable of quality of information disclosure, this paper analyzed the relationship between political association, quality of information disclosure and cost of debt financing. The results showed that improving the quality of corporates＇ information disclosure can significantly reduce debt financing costs; the existence of political association weakened the correlation between quality of information disclosure and cost of debt financing.