Research On Investor Protection, The Quality Of Accounting Information And Financing Constraints

In a perfect capital market, kinds of financing methods can completely replaced in companies.However, the information asymmetry and agency problem can lead to financing constraints. Firstof all,from the enterprise financing constraint itself. During the transition period, the financingchannel and way of listing corporation are show diversity and particularity, but the financingefficiency really be improved? What are the factors that impact financing constraints? In the viewof the government, listing corporation and investor, what they can do to solve the problem offinancing constraints? How to avoid the investment risk effectively? There are series of problemshave to be studied; second, from our country special economic background. China’s state-ownedenterprises development course is long and with obvious characteristics. Although a large numberof state-owned enterprises joint stock transformation, the effect is not ideal. The governmentintervention has a certain positive role, but its shortcomings and defects also concern; The third,look from the actual situation. Because of the difference interests between the management andshareholders, the enterprise fund often used un-efficiency and this led to a decline in the value ofthe enterprise at last.At present, research on financing constraints both in domestic and abroad are abundant,however, much research focused on what financing constraints can impact on each aspect of thebusiness, but not on what can led to the financing constraints. In addition, research that connectthe marketization process, the quality of accounting information and financing constraints isrelatively little. Inspection the relationship between the quality of accounting information and thefinancing constraints, which helps investigate the broader role that accounting information qualityact. It also helps to find factors that lead to financing constraints in the listing Corporation. Thispaper based on the reality background of China and in the foundation of the latest domestic andforeign research results. Then in the support of asymmetric information theory, agency theory andthe contract theory, combined with China’s specific research background, it prospects the future ofthe relationship between the marketization process, the quality of accounting information andfinancing constraints. The paper hope to provide reliable empirical evidence, enrich and improvethe theory, at the same time to solve the financing constraints that companies faced.After the related theory analysis, and based on actual data, the results show that:1、Improve the quality of accounting information can improve the company’s financialconstraints, namely in the other conditions, the quality of accounting information and corporatefinancial constraint level have a negative relationship, improve the quality of accountinginformation can reduce the degree of financing constraints;2、The quality of accounting information can alleviate state-owned holding enterprisesfinancing constraints, but in the non-state-owned enterprises it cannot play the role of inhibition offinancial constraint level;3、Marketization process help to ease the financing constraint condition. In the state-ownedholding company, it shows more significant;4、The degree of marketization can restrain the negative correlation between the quality ofaccounting information and corporate financing constraints, and the result illustrate that thefunction of accounting information quality and marketization process for alleviating the financingconstraints is replaced, the replacement effect showed significant no matter in state-owned holding,non state-controlled, or in a higher degree of marketization and the lower region.