The Relation Between Reporting Quality and Financing and Investment: Evidence from Changes in Financing Capacity
利用公司房地产价值变化作为融资能力的外生冲击，研究发现报告质量较高的公司其融资和投资受房地产价值变化影响较小，且公司在融资能力下降时会提高报告质量。
ABSTRACT We use changes in the value of a firm's real estate assets as an exogenous change in a firm's financing capacity to examine (1) the relation between reporting quality and financing and investment conditional on this change, and (2) firms’ reporting quality responses to the change in financing capacity. We find that financing and investment by firms with higher reporting quality is less affected by changes in real estate values than are financing and investment by firms with lower reporting quality. Further, firms increase reporting quality in response to decreases in financing capacity. Our findings contribute to the literature on reporting quality and investment, and on the determinants of reporting quality choices.