资本市场监管能增强企业信用吗？

IF 9.8 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis Pub Date : 2025-09-21 DOI:10.1016/j.irfa.2025.104650

Xinqian Li , Duo An

{"title":"资本市场监管能增强企业信用吗？","authors":"Xinqian Li , Duo An","doi":"10.1016/j.irfa.2025.104650","DOIUrl":null,"url":null,"abstract":"<div><div>This study used the difference-in-differences (DID) method to examine the correlation between capital market supervision, as indicated by the introduction of the New Security Law, and enterprises` business credit, utilizing data from listed companies between 2017 and 2023. The findings indicate that capital market supervision can effectively enhance enterprises` business credit. The positive effects are achieved through alleviating information asymmetry, improving social reputation and enhancing internal governance capability. Furthermore, the institutional investors significantly contributes to the positive effects.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"107 ","pages":"Article 104650"},"PeriodicalIF":9.8000,"publicationDate":"2025-09-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Can capital market supervision enhance corporate business credit?\",\"authors\":\"Xinqian Li , Duo An\",\"doi\":\"10.1016/j.irfa.2025.104650\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><div>This study used the difference-in-differences (DID) method to examine the correlation between capital market supervision, as indicated by the introduction of the New Security Law, and enterprises` business credit, utilizing data from listed companies between 2017 and 2023. The findings indicate that capital market supervision can effectively enhance enterprises` business credit. The positive effects are achieved through alleviating information asymmetry, improving social reputation and enhancing internal governance capability. Furthermore, the institutional investors significantly contributes to the positive effects.</div></div>\",\"PeriodicalId\":48226,\"journal\":{\"name\":\"International Review of Financial Analysis\",\"volume\":\"107 \",\"pages\":\"Article 104650\"},\"PeriodicalIF\":9.8000,\"publicationDate\":\"2025-09-21\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"International Review of Financial Analysis\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S1057521925007379\",\"RegionNum\":1,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"International Review of Financial Analysis","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1057521925007379","RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}

引用次数: 0

摘要

本研究利用2017年至2023年上市公司的数据，采用差分法检验新证券法出台后资本市场监管与企业商业信用之间的相关性。研究结果表明，资本市场监管可以有效提升企业的商业信用。通过缓解信息不对称、提高社会声誉和增强内部治理能力来实现积极效应。此外，机构投资者对正效应的贡献显著。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文本刊更多论文

Can capital market supervision enhance corporate business credit?

This study used the difference-in-differences (DID) method to examine the correlation between capital market supervision, as indicated by the introduction of the New Security Law, and enterprises` business credit, utilizing data from listed companies between 2017 and 2023. The findings indicate that capital market supervision can effectively enhance enterprises` business credit. The positive effects are achieved through alleviating information asymmetry, improving social reputation and enhancing internal governance capability. Furthermore, the institutional investors significantly contributes to the positive effects.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

International Review of Financial Analysis BUSINESS, FINANCE-

CiteScore

10.30

自引率

9.80%

发文量

366

期刊介绍： The International Review of Financial Analysis (IRFA) is an impartial refereed journal designed to serve as a platform for high-quality financial research. It welcomes a diverse range of financial research topics and maintains an unbiased selection process. While not limited to U.S.-centric subjects, IRFA, as its title suggests, is open to valuable research contributions from around the world.