Information Disclosure Quality and Debt Financing Options of Listed Companies —Empirical Analysis Based on Data of Information Disclosure Evaluation from Shenzhen Stock Exchange
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Information Disclosure Quality and Debt Financing Options of Listed Companies —Empirical Analysis Based on Data of Information Disclosure Evaluation from Shenzhen Stock Exchange
HUANG Xiu-nv1, QIAN Le-le2
1.School of Social and Public Administration, East China University of Science and Technology, Shanghai 200237, China; 2.School of Finance, Shanghai University of Finance and Economics, Shanghai 200433, China
Abstract Based on the panel data of information disclosure evaluation of listed companies in Shenzhen Stock Exchange from 2001 to 2016, this paper combines the panel fixed effect model with the Tobit model to study the impact of information disclosure quality on the debt financing options of listed companies. The results show that: 1) The increase in the quality of information disclosure can help the company obtain debt financing from the open market; 2) The higher the quality of information disclosure is, the more inclined the company is to allocate long-term debt in debt maturity. The increase in the quality of information disclosure is conducive to optimizing the corporate financing structure and lowering the risk of misallocation of debt maturity, which can ensure debt sustainability and eventually help achieve the goal of optimizing leverage structure.
HUANG Xiu-nv,QIAN Le-le. Information Disclosure Quality and Debt Financing Options of Listed Companies —Empirical Analysis Based on Data of Information Disclosure Evaluation from Shenzhen Stock Exchange. Economic Survey, 2019, 36(5): 0158.
2019, Vol. 36 
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