CAJ | 학술논문

现有企业信息披露研究侧重于其对股东决策的影响，然而供应商作为重要的利益相关者，也会依赖于企业信息披露而调整商业信用策略。利用深交所的信息披露考核来表征公司信息披露质量，实证考察了企业不同信息披露质量对商业信用的影响，以及外部市场环境对两者关系的进一步作用。研究发现，企业的信息披露质量越高，获取的商业信用越多，说明公司信息披露可以降低违约风险和信用风险；进一步研究发现，在竞争更为激烈的行业、市场化程度高的地区，信息披露质量对商业信用的影响更为显著，说明企业信息披露质量对商业信用正面作用的发挥依赖于市场因素。
현유기업신식피로연구측중우기대고동결책적영향，연이공응상작위중요적이익상관자，야회의뢰우기업신식피로이조정상업신용책략。이용심교소적신식피로고핵래표정공사신식피로질량，실증고찰료기업불동신식피로질량대상업신용적영향，이급외부시장배경대량자관계적진일보작용。연구발현，기업적신식피로질량월고，획취적상업신용월다，설명공사신식피로가이강저위약풍험화신용풍험；진일보연구발현，재경쟁경위격렬적행업、시장화정도고적지구，신식피로질량대상업신용적영향경위현저，설명기업신식피로질량대상업신용정면작용적발휘의뢰우시장인소。
Existing literature on information disclosure focuses on the impact of shareholder decisions.However,as one of the important stakeholders,suppliers also adjust their commercial credit strategies for the buyers’ information disclosure. Using the information disclosure assessment of Shenzhen Stock Exchange,this paper studies the impact of the quality of firms’ information disclosure on their access to commercial credit, and the interactive effect of external market environment.The empirical results demonstrate that the higher the firms’information disclosure quality,the more accurate information their suppliers obtain,and therefore,the more commercial credits these firms obtain from their suppliers.The result indicates that high-quality information disclosure reduces default risk and credit risk.Further analysis finds that the relationship between information disclosure quality and commercial credit is more pronounced in competitive industries,or in areas with a high-degree of marketization,suggesting that the positive impact of information disclosure quality on commercial credit is closely related to market factors.