The Impact Of Information Disclosure Quality Of Listing Corporation On Debt Financing

The current Chinese economy into the new normal, in the new normal, enterprises need to upgrade, it will face greater financing needs. At present, Chinese enterprises is the main channel for financing through borrowing from banks, credit and market supply and demand information asymmetry serious constraints of the optimal allocation of credit resources in China the enterprise information disclosure is an important bridge for enterprises to communicate with the outside world, is an effective channel to alleviate the information asymmetry among stakeholders. With the enterprise information disclosure system of our country gradually improved, as the supply side credit will be given to the reaction? High quality information disclosure can fully transfer the signals to the the supply of credit, enterprise financing and financing your problem can be solved?This paper selects 2009-2014 from Shenzhen A shares as the sample data source based on the debt contract, information asymmetry theory, put forward three basic assumptions. These three hypotheses are expatiated. The quality of information disclosure and debt financing (debt financing availability, the cost of debt and debt maturity). The relationship between the empirical analysis. The research found try serious constraints of the optimal allocation of credit resources in China the enterprise information disclosure is an important bridge for enterprises to communicate with the outside world, is an effective channel to alleviate the information asymmetry among stakeholders. With the enterprise information disclosure system of our country gradually improved, as the supply side credit will be given to the reaction? High quality information disclosure can fully transfer the sithat the quality of information disclosure and credit financing availability are related, that is to say the higher the quality of the information disclosure, it is possible to obtain credit support; credit financing costs between the quality of information disclosure and enterprise enterprise negative correlation, the higher the quality of information disclosure, the cost of corporate debt is low; positive correlation the relationship between information disclosure quality and debt maturity, the higher the quality of information disclosure, the enterprise is more likely to get long-term loans. Then, combined with the institutional background of China, on the three basic assumptions. The line extends. First, studied business Chinese shares proportion on the quality of information disclosure and debt financing (debt financing availability, the cost of debt and debt maturity) influence the relationship between the study found that: government intervention in the economy, weakened the quality of information disclosure and debt financing (debt financing availability the cost of debt, debt maturity) and the relationship between the proportion of shares of state-owned enterprises and the increasingly heavy, weakening effect is stronger. Secondly, study the financing regional financial market level on the quality of information disclosure and debt (debt financing availability, the cost of debt and debt maturity) influence the relationship between the research. Found that the banks in the credit decision-making, which is dependent on the quality of information disclosure of the regional financial market degree is different. The regional financial market higher degree of bank credit in the region. Decision showing independence and the characteristics of the market, and the degree of financial liberalization lower compared to the area and the degree of financial liberalization to strengthen information disclosure quality and debt financing debt financing can be acquired and cost of debt and debt maturity) between the relationship.The research results on the research of enterprise information disclosure quality and debt financing has a certain reference value, especially based on background with Chinese characteristics to make analysis, can be for our country to solve financing problem provides a new way, that is to say, with respect to the market in the allocation of resources in the decisive role to reduce government intervention in the market economy.