经济学报2025，Vol.12Issue(2)：78-96,19.
分行业信息披露对企业债务融资成本的影响研究
A Study of Industry Information Disclosure on Corporate Debt Financing Costs
摘要
Abstract
Industry-specific information disclosure,guided by investor demand,seeks to enhance information disclosure quality by refining industry-specific disclosure standards.Its effect on external investor risk perception and,consequently,the reduction of corporate debt financing costs is a crucial issue that needs to explore.Using a natural experiment based on the cross-listing of industry-specific information disclosure guidelines by the Shanghai and Shenzhen Stock Exchanges,this study analyzes the impact and mechanisms of industry-specific information disclosure on corporate debt financing costs,utilizing a sample of Chinese A-share listed companies from 2011 to 2020.The findings reveal that industry-specific information disclosure significantly reduces corporate debt financing costs.Furthermore,when considering market competition and business complexity,it is observed that increased market competition and business complexity enhance the positive effect of industry-specific information disclosure in reducing debt financing costs.Mechanism analysis suggests that industry-specific information disclosure primarily reduces corporate debt financing costs by mitigating information risk and operational risk.The conclusions of this study offer important policy implications for optimizing industry-specific operational information disclosure,reducing external investor risk perception,and subsequently lowering corporate debt financing costs.关键词
分行业信息披露/债务融资成本/信息风险/经营风险分类
社会科学引用本文复制引用
闫珍丽,卢亚静,包甜甜,赵晓梅..分行业信息披露对企业债务融资成本的影响研究[J].经济学报,2025,12(2):78-96,19.基金项目
本研究受国家社科基金青年项目"合规建设对企业生产效率的影响研究"(项目批准号:24CJY132)的资助. （项目批准号:24CJY132）
