厦门大学财务管理与会计研究院侯芳芳助理教授作为第一作者，与伍伦贡大学迪拜校区Muhabie Mekonnen Mengistu助理教授、香港大学Jeffrey Ng教授、香港浸会大学Janus Jian Zhang助理教授，一起合作完成的学术论文，在会计国际顶级期刊Contemporary Accounting Research在线发表。
论文题目：Credit information sharing and investment efficiency: Cross-country evidence。
Contemporary Accounting Research是FT50期刊、会计领域公认的国际TOP5期刊；SSCI收录为JCR一区，近5年期刊影响因子为5.4。
摘要
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.。
全文链接：https://doi.org/10.1111/1911-3846.12972
作者简介
侯芳芳，厦门大学财务管理与会计研究院助理教授、硕士生导师，福建省高层次C类人才。2019年获香港理工大学会计学博士学位，本硕就读于中央财经大学。主要研究领域包括企业投资与创新、公司治理、信息披露等。科研成果发表于Contemporary Accounting Research(FT50)、Journal of Accounting, Auditing and Finance(ESCI)、Accounting and Finance(SSCI)、Applied Economics(SSCI)等。主持国家自科青年基金、福建省社科基金项目。曾获公司金融与金融市场暑期研习营最佳论文、CJAR-ABR联合会议最佳论文奖、交大会计合作论坛二等奖、电子商务与电子政务国际会议最佳论文奖等。主讲《概率论与数理统计》《学术论文写作指导》等课程。