Delay on Scheduled Annual Report Disclosure, Financial Ecological Environment and Cost of Debt:Evidence from Information Risk Identification and Transformation of Risk Compensation

Abstract

Abstract:

Using the samples of listed firms on Chinese A-share market during 2007-2014, this paper investigates the effects of delay in the scheduled disclosure of annual report on cost of debt. We find that delay in the scheduled disclosure of annual report is associated with a higher likelihood of a firm's future cost of debt and the effects may be stronger for firm located in regions with better financial ecological environment. Moreover, the private listed firms bear higher cost of debt due to delay in annual report disclosure and this relationship is significant even in regions with good financial ecological environment. The guarantee mitigates the positive relationship between scheduled annual report disclosure and cost of debt. These findings suggest that banks and other financial institutions can effectively identify information risk behind delay in the scheduled disclosure of annual report, good financial ecological environment enhances the ability of creditors to identify information risk, but could not fundamentally change the credit discrimination of private firms. For debt that has been guaranteed, creditors are less concerned about the risk of delay in the scheduled disclosure of annual report.

Key words: scheduled annual reports disclosure, financial ecological environment, cost of debt, information risk

Xie Shengwen, Liao Jia, Tao Ran. Delay on Scheduled Annual Report Disclosure, Financial Ecological Environment and Cost of Debt:Evidence from Information Risk Identification and Transformation of Risk Compensation[J]. , 2018, 30(12): 200-211.

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