This study investigates the changes in quantity and cost of bank loans after a private placement of common stocks by A-share listed companies in China from 2011 to 2021. This research is derived from the signaling theory and is based on a difference-in-difference design. Through propensity score matching, the sample comprises companies that placed equity privately in the experiment group and companies that did not place equity privately in the control group. We find evidence that the increase in bank loans slowed down, and the cost of bank loans increased after the private placement. The signaling effect of private placements is robust to various additional tests. Further analysis indicates that when state-owned enterprises place equity privately, their access to bank loans is not affected. When institutional investors participate in the private placement, the company’s access to bank credit does not go through significant changes. In addition, private placements by companies located in regions with higher levels of marketization of the financial market do not reduce the cost of bank loans.

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Given the rapid development of the digital industry, the international use of XBRL as a computer language for the exchange of corporate financial data is of great significance in promoting the standardization of financial data. This paper provides an in-depth study and quantitative measurement of the applicability of the Chinese XBRL common taxonomy elements in enterprises, examining the interoperability of the elements between enterprises and the possible absence and ambiguity of the elements. The research study shows significant differences between the elements of XBRL defined in the general classification standard and the elements used in financial reports of listed companies in China. Furthermore, the quantitative interoperability model results show significant differences in the interoperability of elements between companies in the same industry and the same category of industries. Therefore, updates to the Chinese XBRL taxonomy should start from the underlying logic of accounting and improve the process of calling the elements in the accounting process.