A Study On The Impact Of Accounting Information Quality Of Listed Companies On Equity Financing Cost

With the rapid development of China’s securities market, listed companies through the stock market financing, to reduce enterprise of excessive dependence on Banks while to reduce the cost of financing. Accounting information quality as a listed company’s financial position and operating results of important examination index in investment and financing, paid more and more attention. Because the accounting information fraud is often happen, not only harm the interests of investors, also undermine the healthy and orderly development of securities market in China. So how to regulate and improve the information disclosure system of listed companies and improve the quality of accounting information disclosure, ensure the efficiency of investment and financing has become key problems to be solved at present stage.Papers to the efficient market hypothesis, transaction cost theory, signaling theory, asymmetric information asymmetry theory, signal theory and game theory as a foundation, respectively, from the Angle of social environment, listed companies and investors, the mechanism of the quality of accounting information affect the cost of equity financing.choosing2010to2012, the Shanghai a-share listed companies as the research sample, using PEG model to measure equity financing costs, modified Jones model is applied to estimate the degree of earnings management, and to the degree of earnings management, the reciprocal of the absolute value as the quantitative indicators of quality of accounting information, introducing the beta coefficient, company size, growth, management risk, stock concentration factors as the control variables, Eviews6.0software is used to analyse the sample financial data descriptive statistics and multivariate linear regression, to verify the quality of accounting information is negatively related to the equity financing cost hypothesis. By way for operation and management of listed companies and the analysis of the external environment, put forward the perfect accounting standard for business enterprises, the accounting information disclosure system, society audit, the enforcement of laws and regulations, the board of directors, board of supervisors, small and medium shareholders to participate in the system, incentive mechanism of manager layer countermeasures. Through the analysis of the accounting information quality influence on the cost of equity financing mechanism, perfect the accounting standards for enterprises to further standardize the securities market disclosure, for stakeholders to make the right judgment and decision-making, promotes our country economy sustained healthy and rapid development of the exploration and attempt.