Accounting Information Transparency And Resources Allocation Efficiency Of Capital Market

Accounting information transparency refers that an accounting entity can timelyand reliably fully reveal the enterprise’s accounting information, to make users tounderstand the real financial activities and risk factors.In short, the accountinginformation transparency is a comprehensive concept about accounting informationquality. Improve the accounting information transparency, can reduce the informationasymmetry, and reduce the behavior of the "adverse selection" and "moral hazard", soas to improve the resources allocation efficiency of capital market. The subject receivedextensive attention of the academic circles in recent years. However, from the point ofthe current research results, most scholars are focus on the stock market, and short of onthe credit markets. Given the current stage in our country, credit funds is still the mainsources of funds for the enterprise, and resources allocation efficiency in credit marketdirectly affects the healthy development of capital market as a whole, this paper Chosethe credit markets as the breakthrough point, tries to analysis the mechanism betweenaccounting information transparency and credit resources allocation efficiency, andusing the empirical method testing efficiency, to find out the main problems of creditresource allocation, and from the angle of the accounting information transparency, putforward policy suggestions to promote China’s credit resources allocation efficiency.The research starts from the credit markets, based on the order of the basic theory,mechanism analysis and the empirical analysis. Firstly, this paper on the basis ofpredecessors’ research, has been clear about the connotation and measuring method ofthe accounting information transparency and the resource allocation efficiency, thenusing the information asymmetry theory, the signal transmission theory andprincipal-agent theory, analyzed the mechanism about how the accounting informationtransparency influence resource allocation efficiency in credit market,and summarizedas the following three aspects:1) the accounting information transparency can reducethe information asymmetry, improve credit market competition vitality;2)theaccounting information transparency can optimize information transmission mechanism,to guide credit funds flowing to the high quality enterprise;3)the accountinginformation transparency can strengthen the supervision, increasing the utilizationefficiency of credit funds. However, how did the resource allocation efficiency of creditmarket in China now? This paper designed the empirical research to prove the above theoretical results. Based on the listed companies’ sensitivity of the ability to borrow toreturn-on-assets of to measure the credit resources allocation efficiency, used the ShenZhen Stock Exchange information disclosure rating to measure accounting informationtransparency, this article respectively by using multivariate regression analysis methodsof dichotomy and quartering for the accounting information transparency, concludedthat the listed company’s ability to borrow and return-on-assets were positivelycorrelated, but overall, the accounting information transparency is not play a positiverole in the financing activities. In order to further test whether accounting informationtransparency helps to improve the credit resources allocation efficiency, we areclassified the companies by the accounting information transparency level, categorizingthe listed companies for the higher and the lower accounting information transparencycompanies. The further research observed that the listed company’s ability to borrowand return-on-assets were positively correlated in the higher accounting informationtransparency companies, and the positive correlation is significant. But it is not obviousin the lower accounting information transparency companies. The conclusion fullyshows that the accounting information transparency plays a positive role to improve theresource allocation efficiency of credit market.Innovation of this paper is that we select a perspective of the credit market to studythe economic consequences of accounting information transparency, especiallysystematically analyzed the mechanism about how the accounting informationtransparency influence resource allocation efficiency in credit market. It is a newresearch angle. In addition, the paper based on the listed companies’ sensitivity of theability to borrow to return-on-assets of to measure the credit resources allocationefficiency, using empirical research methods to study how the accounting informationtransparency influence resource allocation efficiency in credit market, promoting theexisting literature for a further development.