The Research Of The Relationship Between Enterprise Credit Financing And Information Disclosure Based On The Macroeconomic Fluctuation

Since the beginning of the new century, the economy in China has experiencedups and downs in the past ten years. Economic fluctuations, as the comprehensivereflection of cyclical changes of various corporate activities, would impact on economicdevelopments in micro corporate level. Therefore, research of macroeconomicfluctuations’ impact on enterprises can help us understand the channels and mechanisms ofmacroeconomics’ influence on enterprises. Facing macroeconomic fluctuations,enterprise is not just a passive sufferer, but it can reduce the impacts by effectivelyusing all kinds of financial resources and regulating its financial behaviors. So,whether the enterprise will standardize information disclosure to cope with economicfluctuations the impact of the credit financing? If so, whether it will actually help theenterprise cope with the impacts of the economic fluctuations?With these two issues being the basic orientation, this thesis mainly discussesthe effects that the macroeconomic fluctuation has on the information disclosure ofmacrocosmic enterprises as well as the relationship between the credit financing andthe quality of information disclosure under the background of micro-economicfluctuation. This thesis first puts forward an analytic framework based on the theoryof financial flexibility, the theory of agency by agreement and the theory of signalingeffect. Then this thesis implements the empirical tests towards the two basic issuesabove by utilizing the statistics sample of Shenzhen A share listed companies between2001and2012. Meanwhile, to further understand the economic recession which istough for enterprising operation, we check whether there are credit discriminations incredit resources distribution among enterprises of different properties and areas. Inbrief, this thesis takes a further research into the relationship between informationdisclosure and credit financing from the background of economic recession, takinginto account the factors of proprietary nature and market circumstances. Our researchhas come to the conclusion that the micro-economic fluctuation has a distinguishableeffect on enterprises’ action of information disclosure, at the same time, the highquality of the degree of asymmetry between the banks and the enterprises strengthenthe enterprises’ creditworthiness from the bank. Thus the impact of economicfluctuation on enterprises’ financing can be relieved. Based on this conclusion, thisthesis finally presents some revelations to boost the listed companies’ informationdisclosure level, to fortify the supports from banks and other financial institutions given to the non-public economic sectors and other real-system economies, toaccelerate the marketization of Chinese economy, and most importantly, to set up a setof assessment system aiming at the information disclosure level of all the listedenterprises.