Keywords
quality of information disclosure, debt financing costs, commercial credit
Abstract
Information disclosure of listed companies is one of the important contents of capital market construction. This paper studies the impact of information disclosure quality on corporate debt financing by taking Shenzhen Stock Exchange GEM listed companies from 2016 to 2018 as the research object.Empirical results show that high-quality information disclosure can improve the business credit level of the enterprise,reduce the degree of bank borrowing and financing constraints,and thus alleviate the problem of enterprise financing difficulties.Moreover,the quality of information disclosure has a direct impact on the cost of enterprise debt financing.The higher the level of information disclosure,the lower the cost of debt financing.The two have a significant negative correlation.
DOI
10.16315/j.stm.2020.05.013
Recommended Citation
TIAN, Miao-miao and SUN, Jian-hong
(2020)
"Impact of informatin disclosure quality on corporate debt financing,"
Journal of Science and Technology Management: Vol. 22:
Iss.
5, Article 13.
DOI: 10.16315/j.stm.2020.05.013
Available at:
https://jstm.researchcommons.org/journal/vol22/iss5/13
