摘要
本文实证检验了长期资产减值信息在企业与银行借款契约中的作用。研究发现,长期资产减值反映了企业未来盈利的预期,长期资产减值越多的企业未来业绩越差;长期资产减值信息为银行所接受,长期资产减值越多的企业获得的银行借款总量越少;且银行更倾向用短期借款代替长期借款,以降低风险;所有权性质、地区性质对长期资产减值信息的有用性存在影响,民营企业、东部地区企业长期资产减值信息的有用性更强;借款契约期限的差异、减值信息质量的差异也会影响长期资产减值信息的有用性。
This paper focuses on the usefulness of asset write-down information in the contract of bank loans in China. It is found that asset write-down information could reflect the firm＇s future profitability. The more the asset write-down of the firm grows, the worse the future operating income and stock returns will be. Hence, the asset write-down information could be useful in banks＇ prediction, and help the banks to make loan decisions. The banks may offer fewer loans to the firms whose asset write-down grows faster. The term structure of loans may also affected by the information. To reduce risk of loans, the banks prefer to offer short term of loans to the firm instead of long term of loans when the asset write-down of the firm grows too fast. We also find that in different types of firms and in different areas, the usefulness of the asset write-down information is different too. The information has more weight if the firm who needs loan is privately owned or belongs to developed regions. At the last of paper, we check the role the quality of asset write-down information in the former relation. We find that if the quality of asset writedown information is high, the banks will use this information deeply. The more the asset write-down of the firm grows, the fewer loans the firm could get. However, if the quality of information is low, the banks may not use the information, and the former relation may not exist. We make several contributions with this paper. First, we extend the usefulness of asset write-down information from stock market to the loans of banks. We show that the asset write-down information is useful in China, and not only used by Chinese stock market but also by Chinese banks when making loan decisions. Second, we show the different role of asset write-down information between SOEs and Non-SOEs, east region firms and other region firms. This may help us to understand the different determinants and consequences of bank loans in transition economy countries.
出处
《南开管理评论》
CSSCI
北大核心
2009年第5期118-124,143,共8页
Nankai Business Review
基金
国家社会科学基金课题(08CJY009)资助
