Information Quality and Endogenous Project Outcomes.17 September 2018

信息质量和内生项目成果

作者：Mingcherng Deng（Baruch College, CUNY）Lin Nan（Purdue University）Xiaoyan Wen（Texas Christian University）

摘要：在本研究中，我们发现当企业需要进行外部融资时，信息质量会通过融资合同对企业的投入产生作用，从而影响企业的经营收入。有趣的是，我们发现较高的信息质量水平反而会降低企业整体效率。我们的分析突出了信息质量在企业对融资合同的投入决策中的重要性。特别是信息质量通过融资合同对企业的实际投入决策产生前馈效应，进而对企业融资合同和整体效率产生反馈作用。

关键词：信息质量，融资合同投入决策，融资需求

Information Quality and Endogenous Project Outcomes

Mingcherng Deng（Baruch College, CUNY）,Lin Nan（Purdue University）, Xiaoyan Wen（Texas Christian University）

ABSTRCT

In this study, we show that when a firm needs external financing, information quality has real effects via financing contracts on the firm’s input to influence its operational outcome. Interestingly, we find that higher information quality decreases overall efficiency. Our analysis highlights the importance of considering the role of information quality in the presence of the firm’s input decision upon financing contracts. In particular, information quality has a feedforward effect on the firm’s real input decision via financing contracts, which in turn has a feedback effect on financing contracts and overall efficiency.

Keywords: Information Quality; Input upon Financing Contracts; Financing Needs

原文链接:https://doi.org/10.1111/1911-3846.12459

翻译：王霄霄