Influence Study Of Disclosure Quality On Financing Constraints

Based on the survey of Word Bank. China is facing the most financing problems and hard financing is general in our country. The establishment of SME opens up a new way for enterprises and there are more than700companies with rapid development. The question is how the financing situations are with the publicly companies and the relationship between information disclosure quality and financing constrains.This paper chooses1442observations of listed SMEs markets from2006to2011as examples to do regression analysis to text the influence information disclosure quality on information asymmetry as well as financing constraints.The results show that high quality of information disclosure of SMEs can significantly ease information asymmetry, while the quality of information disclosure has no significant correlation with financing constraints. On the other hand, earning quality as an important index of the quality accounting information has significant correlation with financing constraints. We believe that expediting reform and enhancing corporate transparency are the fundamental way out of financing constraints.