Analysis Of The Impact Of Accounting Information Quality On Equity Financing Cost In Manufacturing Industry

Enterprises must obtain enough funds to meet their needs,otherwise their investment and production can't continue.Obtaining capital from outside of the enterprise through the issuance of shares has become an important source.Investors can make income by understand the profitability of the enterprise and make the sense judge.An important prerequisite for achieving the above objectives is the timely disclosure of relevant information within the enterprise.Only the accounting information disclosed by enterprises has high quality,can it meet the needs of investors and attract their attention,reduce the financing cost at last.This paper mainly includes two aspects:theoretical analysis and empirical research.In the theoretical analysis,we summarizes the related research and the related theory.Empirical research includes sample selection,model design and empirical analysis.Specifically,this paper uses the related data of Shanghai and Shenzhen A-Share manufacturing industry to study the relationship between accounting information quality and equity financing cost.In the design of variables,this paper uses the conservatism and reliability of accounting information to measure explanatory variables;On this basis,the paper introduces two special factors of marketization and ownership,to explore the change of the relationship between the two.the empirical study concludes that the quality of accounting information and the cost of equity financing are negative correlation,and the ownership form and marketization can affect the relationship between the two.