金融信息可信度、法制环境与中小企业融资渠道

IF 1.9 Q3 BUSINESS
M. Chit
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引用次数: 5

摘要

摘要关于可信财务信息与小企业获取多元化融资渠道之间的关系,学术界一直存在争议。本研究调查了129个发展中国家的可信财务信息及其与国家法律和监管环境在中小企业获得多元化融资渠道方面的作用。研究结果表明,金融信息质量和国家法律监管环境对小企业获得多元化融资来源有积极影响。在法律和监管薄弱的环境中经营的中小企业从提供可靠的财务信息中获益更多。在使用两阶段工具变量方法控制公司审计决策的内生性后,研究结果是稳健的。我们的证据表明,企业对其财务信息质量的可靠信号有助于减少融资供应商的逆向选择问题,增加小企业获得多元化融资来源的机会。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Financial Information Credibility, Legal Environment, and SMEs’ Access to Finance
Abstract There remains academic debate on the association between credible financial information and small firms’ access to diversified sources of finance. This study investigates the role of credible financial information and its interaction with a country’s legal and regulatory environment on the access of small- and medium-sized enterprises (SMEs) to diversified sources of finance in 129 developing countries. The findings indicate positive impacts of financial information quality and a country’s legal and regulatory environment on small firms’ access to diversified sources of finance. SMEs operating in a weak legal and regulatory environment benefit more from providing credible financial information. The findings are robust after controlling for the endogeneity of firms audit decision using a two-stage instrumental variable method. Our evidence suggests that firms’ credible signaling of the quality of their financial information helps reduce the adverse selection problem for finance suppliers, increasing small firms’ access to diversified sources of finance.
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来源期刊
CiteScore
2.60
自引率
8.30%
发文量
9
期刊介绍: International Journal of the Economics of Business presents original, peer reviewed research in economics that is clearly applicable to business or related public policy problems or issues. The term "business" is used in its widest sense to encompass both public and private sector—governmental, private non-profit and cooperative organizations, as well as profit-seeking enterprises. International Journal of the Economics of Business carries papers relating to three main spheres: The organization—to analyse and aid decision making and the internal organization of the business; The industry—to analyse how businesses interact and evolve within and across industries.
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