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研究经济波动对微观企业的影响有利于我们理解宏观经济影响微观企业的渠道和作用机制。本文以2001-2011年深市A股公司为样本,考察了经济波动背景下企业信贷融资与信息透明度的关系。结果表明,经济波动对企业的信息披露行为有重要影响。经济不景气时,企业会提高信息披露质量以获得经营所需的资金;而且企业较高的信息披露质量有助于降低银企之间的信息不对称程度,增强企业获得银行的信誉度,从而减轻宏观经济波动对企业信贷融资带来的不利影响。
Studying the impact of economic fluctuations on micro-enterprises is conducive to understanding the channels and mechanism of macroeconomic impact on micro-enterprises. This paper takes Shenzhen A-share companies from 2001 to 2011 as a sample to examine the relationship between corporate credit financing and information transparency in the context of economic fluctuations. The results show that the economic fluctuations have an important impact on the information disclosure of enterprises. When the economic downturn, companies will improve the quality of information disclosure to obtain the necessary funds for business; and higher quality of information disclosure of enterprises can help reduce the level of information asymmetry between banks and enterprises, and enhance the credibility of the bank to obtain business, which Reduce the adverse impact of macroeconomic fluctuations on corporate credit financing.