Financing Ecological Environment,Accounting Information Quality And Financing Constrains

The small and medium-sized enterprises is one of the most important driving forces for China's national economic development,so whether it can develop healthily has been concerned on.At present,the government has taken a number of policies such as tax incentives,discount loans and other policies to support its development,the financing problems has being restricted the SMEs' development.Also,this problem is not conducive to the optimization of social resource allocation.Accounting information can reflect the financial situation and operating conditions of the enterprise.The higher the quality of the accounting information is,the more security can be provided for the operating and financing information.By this way,the investors and bondholders outside the enterprise can collect adequate information with low cost.As a result,the external investors and bondholders are more willing to provide money for enterprises which has high-quality information with low-cost capital resources in the same circumstances.In addition,a good financial and ecological environment can provide external protection for the enterprise from government governance,institutional environment,credit environment and financial development and other aspects.This also reduces the financing difficulties in a certain extent.Based on this,this paper focuses on the relationship between the quality of accounting information,financial ecological environment and financing constraints,and the impact on the relationship between the quality of accounting information and financing constraints which caused by financial ecological environment.Based on the existing literature,this paper argues that accounting information with high-quality can reflect the true business performance of enterprises and provide the financing information related with decision-making,so that it can help the enterprise to develop accurately and sustainably.On the basis of this,this paper puts forward the research hypothesis,by combining the theories such as information asymmetry,signal transmission and ecological environment.Then it takes the small board listed companies from 2011 to 2015 as the research sample,and make use of various empirical statistics analysis methods to analyze whether the accounting information and financing ecological environment can release the financing constrains.Also,it analyze the impact on the relationship between the quality of accounting information and financing constraints which caused by financial ecological environment.After that,this paper comes to some conclusions as follows:(1)The higher the quality of the accounting information provided by the enterprise,the more information that the external fund supplier can collect,process and analyze.Then the information asymmetry can be reduced and this can help the enterprise to collect more money.(2)There is a significant negative correlation between the external financial environment and the degree of financial constraints.That is to say,the better the ecological environment and the lower the degree of financial constraints.(3)The financial ecological environment can regulate the relationship between the quality of accounting information and the financing constraints of enterprises.The good financial ecological environment can alleviate the financing difficulties caused by the low accounting information quality,and in the good financial environment,the impact caused on financing constrains caused by the quality of is greatly reduced.Based on the conclusion of the research,from the aspects of the quality of accounting information and the financial and ecological environment,it is suggested that the multi-level and multi-level solution should be solved from the following aspects:On the one hand,enterprises should improve the accounting system,strengthen the accounting information check,Benign accounting culture,enhance the quality of employees and other channels to improve the quality of corporate accounting information;the other hand,to play the main body of government,improve the legal environment,the introduction of civil and foreign capital,the establishment of multi-level financial market system,strengthen financial supervision,Promote financial supervision and reform to improve the financial ecological environment.This paper mainly has two innovations:First,the financial ecological environment as a regulatory variable to test the impact of financial and ecological environment on the relationship between accounting information quality and financing constraints,from the macro and micro perspective,accounting,economic issues,Theoretical research provides a new perspective.Second,in the study of the regulatory role of the financial ecological environment,not only the introduction of the cross,and the whole sample according to the financial ecological environment is divided into two groups,the study of different financial and ecological environment,enterprise accounting information quality and financing constraints between Relationship.