Credit information sharing and investment efficiency: Cross‐country evidence

IF 3.2 3区 管理学 Q1 BUSINESS, FINANCE Contemporary Accounting Research Pub Date : 2024-09-04 DOI:10.1111/1911-3846.12972
Fangfang Hou, Muhabie Mekonnen Mengistu, Jeffrey Ng, Janus Jian Zhang
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Abstract

Credit information sharing allows creditors to obtain borrowers' relevant credit information, and it can improve borrowers' investment outcomes that are funded by debt. Using reforms to European countries' public credit registries (PCRs) to capture mandated information sharing among creditors, we examine the impact of such sharing on firms' investment efficiency. We find that information sharing enhances firms' investment efficiency, which we measure by their investment‐q sensitivity. This finding is consistent with credit information sharing enabling creditors to better screen borrowers to mitigate adverse selection and enhancing borrower discipline to avoid a bad credit record, which leads to the borrower making more efficient investments. We also document that the information sharing effect is more pronounced when firms rely more on debt financing, when the shared credit information is more accessible, when firms' information environment is more opaque, and when there is a greater information monopoly in the banking system. We offer supplementary evidence that the effect is also more salient when PCRs have characteristics that suggest more effective credit information sharing. Overall, our paper offers new insight into whether and how information sharing in credit markets enhances firms' investment efficiency. More broadly, it highlights how making more borrower information available to creditors can have important economic spillover effects on firm outcomes.
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信用信息共享与投资效率:跨国证据
信用信息共享使债权人能够获得借款人的相关信用信息,并能改善借款人通过债务融资的投资结果。我们利用欧洲国家公共信贷登记处(PCR)的改革来获取债权人之间的强制性信息共享,并研究了这种共享对企业投资效率的影响。我们发现,信息共享提高了企业的投资效率,我们用企业的投资-Q 敏感性来衡量这种效率。这一发现与信用信息共享使债权人能够更好地筛选借款人以减少逆向选择、加强借款人自律以避免不良信用记录、从而使借款人进行更有效的投资是一致的。我们还发现,当企业更依赖债务融资、共享的信用信息更容易获取、企业的信息环境更不透明以及银行系统的信息垄断程度更高时,信息共享效应会更加明显。我们还提供了补充证据,表明当 PCR 具有更有效的信用信息共享特征时,这种效应也会更加突出。总之,我们的论文为信贷市场的信息共享是否以及如何提高企业的投资效率提供了新的视角。更广泛地说,它强调了向债权人提供更多借款人信息如何对企业结果产生重要的经济溢出效应。
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来源期刊
CiteScore
6.20
自引率
11.10%
发文量
97
期刊介绍: Contemporary Accounting Research (CAR) is the premiere research journal of the Canadian Academic Accounting Association, which publishes leading- edge research that contributes to our understanding of all aspects of accounting"s role within organizations, markets or society. Canadian based, increasingly global in scope, CAR seeks to reflect the geographical and intellectual diversity in accounting research. To accomplish this, CAR will continue to publish in its traditional areas of excellence, while seeking to more fully represent other research streams in its pages, so as to continue and expand its tradition of excellence.
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