Accounting Conservatism To Small And Medium-sized Boards Of Listed Companies Financing Constraints Impact Study

The Small and Medium Enterprise Board set up in 2004,it specialized in service of small and medium enterprises and high-tech enterprises.As a supplement to the function of main board market,which enrich the level of capital market.Even so,due to the internal causes such as low credit,weak ability of assets mortgage,guarantee agencies,and its external factor such as mainly state-owned financial system,which lead to the phenomenon of financing constraints in small and medium enterprises.According to the optimal sequence financing theory,when enterprise have capital demand,the first choice is internal accumulation of capital,then enterprise will spend more on seek external financing to make up for the remaining shortfall.The small and medium enterprises that disadvantaged in the marke will be more difficult to raise outside capital and raise the cost.Therefore,how to solve the financing problem in practice is the focus of the theoretical and practical circles.Through a lot of research,we found that there are two ways to mitigate corporate financing constraints,that means to improve the internal flow and external financial capital cost control at a lower level.In the case of internal capital flows,the business performance and financial status signals released by the company's financial statements will determine whether external investors make investment decisions.In a way,conservatisam as a carrier of high-quality information can guarantee the integrity of financial information,and influence the users of external financial statements.Base on the above considerations and regional economic development,the paper selects small and medium listed enterprises as research samples,selects the influence of accounting robustness on the financing constraints as the theme,selects multiple correlation variables tocontrol financing constraints,collects the 2012-2015 panel date from Tai'an and Ruise databases.According to the literature review part about accounting index of robustness and financing constraints,this paper determine the earnings volatility model as substitution variables of robustness and choose an omni-directional indicators to build the financing constraint model.Through the STATA software to describe the relationship between accounting robustness and financing constraints.Then,in the relationship,companies can raise the difficulty of raising the money they need by issuing bonds.Finally,the board of supervisors will be introduced to measure corporate governance and to study its relationship with robustness and financing constraints.Along the above ideas to carry out empirical research,the results show that the robustness of the accounting policies adopted in small and medium enterprises,which can help alleviate the degree of financing constraints of listed company,the enterprise is able to lower the cost of debt for more operating funds from the market.By improving the ownership of the board of supervisors,company inspires supervisors actively exercise to form an internal supervisory control mechanism,which can improve accounting robustness and the positive role of accounting robustness in financing constraints.Finally,the paper put forward policy Suggestions.By reviewing the literature,theoretical analysis and empirical research explored the accounting conservatism which impact on small and medium enterprise financing constraints.Not only within a certain range expanded at abroad about accounting conservatism and financing constraints of the relationship between research,but also for the government from the macroscopic level and enterprise from the micro level to seek ways to ease the small and medium enterprise financing problems.At the same time,under the background of our country macro-economic downward pressure,promoting the economic system what reform in our province and improving the mechanism of venture capital market are far-reaching significance.