MD&A语调积极性与商业信用融资——基于供应商授信视角的经验证据

Positive MD&A Tone and Commercial Credit Financing: Based on Empirical Evidence from the Perspective of Supplier Credit Granting

中文关键词:  MD&A语调  商业信用融资  财务信息环境  媒体报道  数字化水平 

英文关键词:MD&A tone  commercial credit financing  financial information environment  media coverage  digitization level

中文摘要:

      数字信息时代,文本分析技术的应用提升了非财务信息的可用性和传递效率,进而为供应商授信提供增量信息。以2007—2019年中国沪深A股上市公司为样本,基于非财务信息的文本特征,考察了MD&A语调积极性对企业商业信用融资的影响及其机制。研究发现,MD&A积极语调能够提升企业的商业信用融资水平,且通过改善财务信息环境和削弱媒体负面报道带来的不利影响提升了企业商业信用融资水平。异质性分析结果表明,对于收到问询函和所处环境不确定性较高的企业,MD&A积极语调提升企业商业信用融资水平的效应更显著。进一步研究发现,MD&A异常积极语调越高,企业获得的商业信用融资越多,但当数字化水平或供应商稳定性越高时,MD&A异常积极语调对商业信用融资的正向影响逐渐减弱。因此,企业应综合考虑非财务信息对供应商授信的影响,供应商应提高对异常语调的识别能力,监管机构应加强对企业信息披露的规范和监督,地方政府应积极推进数字中国建设,为创造良好的企业商业信用融资环境奠定信息基础。 

英文摘要:

      In the era of digital information, the application of text analytics has bolstered the accessibility and transmission efficiency of non-financial information, thereby furnishing incremental information for supplier credit granting. Using a sample of China's A-share listed companies in Shanghai and Shenzhen Stock Exchanges from 2007 to 2019, this study examines the impact of positive management discussion and analysis (MD&A) tone on corporate commercial credit financing based on textual features of non-financial information and its underlying mechanisms. The results reveal that a positive MD&A tone can facilitate a company's commercial credit financing, and this facilitating effect is achieved by enhancing the financial information environment and mitigating the adverse impact of negative media coverage. Heterogeneity analyses suggest that the facilitating effect is more significant in companies that have received inquiry letters and operate in high-uncertainty environments. Further analyses indicate that the higher the abnormal positive MD&A tone, the more commercial credit financing that companies can secure; however, the positive influence of an abnormal positive MD&A tone on commercial credit financing diminishes gradually with higher levels of digitalization and supplier stability. Therefore, companies should comprehensively assess the influence of non-financial information on supplier credit granting, while suppliers ought to improve their ability to identify abnormal tones; regulatory agencies need to bolster the regulation and supervision of corporate information disclosure, and local governments should actively speed up the construction of digital China to establish a robust foundation for information-based commercial credit financing environments. 