投资者关注度视域下企业商业信用融资研究
基金项目(Foundation): 福州外语外贸学院校级教育教学研究项目“科教融合育人多元式课程教学模式创新与实践”（JF2024015）; 福建省科技厅创青项目“人工智能对制造业价值链攀升的影响效应、作用机制及实现路径研究”（2025J08257）
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DOI: 10.19473/j.cnki.1008-4940.2026.01.004
发布时间： 2026-02-20
出版时间： 2026-02-20
摘要：
以2007—2024年A股上市公司为研究样本，实证检验投资者关注度对企业商业信用融资的影响，发现投资者关注度越高，企业的商业信用融资水平也越高。机制研究表明，这一效应是因为投资者关注度降低了代理成本、提升了经营效率。异质性研究表明，投资者关注度对企业商业信用融资的影响在非国有企业和信贷融资能力较强的企业中更加明显。建议企业主动提升资本市场关注度，以便投资者和商业信用提供者将其作为投资决策与信用评估的重要参考。
Abstract：
Using A-share listed companies from 2007 to 2024 as a research sample, this study empirically examines the impact of investor attention on corporate commercial credit financing. The results show that higher investor attention correlates with higher levels of commercial credit financing for companies. Mechanism analysis indicates that this effect is due to investor attention reducing agency costs and improving operational efficiency. Heterogeneity analysis reveals that the impact of investor attention on corporate commercial credit financing is more pronounced in non-state-owned enterprises and companies with stronger credit financing capabilities. It is suggested that enterprises should take the initiative to raise the attention of the capital market so that investors and commercial credit providers can use it as an important reference for investment decision-making and credit evaluation.
