Seeing is believing:Field Research of Institutional Investors and Corporate Debt Financing Cost
The impact of non-financial information on corporate financial behavior is widely concerned by institutional investors and external creditors.This paper examines its impact on the cost of corporate debt from the perspective of institutional investors'field research,one of the ways to obtain corporate non-financial information.Based on the analysis of the data of A-share listed companies in Shenzhen from 2013 to 2020,it is found that investors'field research activities have significantly reduced the cost of corporate debt by improving the quality of corporate information disclosure,internal control and reducing agency costs.The re-duction effect is more obvious in the environment of non-state-owned enterprises and loose monetary policy.
Field research of institutional investorsDebt financing costsQuality of information disclosure
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万方数据
