Study On The Quality Of Accounting Information Of Listed Companies And Debt Financing Cost Of Ownership Based On The Nature Of The Relationship

Accounting information is the important bridge of mutual connection between listed companies and investors, the quality of accounting information on the resource allocation function of the capital market and functioning efficiency is very important. Listed companies attract investment through the accounting information disclosure, and investors make investment decisions through the disclosure of information of listed companies. The quality of accounting information can influence the capital market resources whether can be effectively collocated. Because of information asymmetry and the information gap mastered by financing operations, along with there are plenty of fraud in recent years, the problem of accounting information has caused more and more people's concern. Debt financing is an important source of enterprise development funds of listed companies, for the sake of the future sustainable development of listed companies, maintain the operation of the capital chain, reduce the cost of debt financing problem, which has become a listed company have to face. However, information asymmetry is likely to increase the cost of debt financing, and to solve the problem, the most important way is to improve the quality of accounting information of listed companies.Based on this, this article is on the basis of the existing literature, selected from 2010 to 2014 in the SMES Board and mainboard of Shenzhen stock exchange market of the A shares listed on the normal non-financial listed companies as samples in this paper, the empirical analysis of the data, using the statistical software such as EXCEL, SPSS21.0. Researching the quality of accounting information of listed companies and the relationship between the debt financing cost, and combining the characteristic of the ownership system in China factor, further analysis of the accounting information quality under the influence of different ownership property of difference about the impact of debt financing costs. The research results show that in the control of the company scale, financial risk, profitability, growth, asset turnover, interest cover and the audit opinion, it can be found that the quality of accounting information of listed companies and the cost of debt financing has significant negative correlation relationship, improvement of the quality of accounting information can effectively solve the problem of information asymmetry between the two sides of financing, so as to reduce the cost of debt financing of listed companies. After further consider proprietary nature, found that compared with the state-owned enterprises, the accounting information quality of non-state enterprise debt financing cost of influence even more significant. Finally, according to the results of the study, putting forward to improve accounting information quality, reduce the debt financing cost of the relevant policy recommendations, supervise and urge the listed company to enhance the quality of the accounting information, effectively reduce the cost of financing, so as to improve the efficiency of its debt financing.