The Empirical Study On The Impact Of The Accounting Information Quality On Financing Constraints

With the rapid development of capital market in China,more and more enterprises join in the tide of capital market.The demands of the creditor,shareholders and managers and other stakeholders are getting more and more attention of people.It is through the disclosure of the enterprise’s accounting information that stakeholders understand the status of the production and business operation and financial results,including the financial position,operating results and cash flow,so the accounting information quality has been brought to the attention of stakeholders.In recent years,the cases of accounting information fraud emerge in endlessly,in part because of inaccurate accounting estimates and accounting policy choice,more important reason is the management and financial personnel collusion fraud to whitewash financial reporting and internal controls can be evaded.Investors also gradually realize the importance of screening to identify the accounting information and select high quality of accounting information.Financial market in China is still in the stage of development.The financial regulatory system and risk prevention measures are not sound.Investors or creditors can’t get all the information from enterprises through the capital market,so they will call for a certain amount of risk compensation when they trade,leading to higher market transaction costs and low market efficiency.Financing constraints become a common problem.Accounting information quality has a significant impact of financing constraints through influencing the investment needs of stakeholders,with financing constraints and obstacles hindering further improvement of efficiency and corporate value.Based on this,our research for the impact of accounting information quality to financing constraints has the very high academic value and practical value.In this paper,we use empirical research methods to study the relationship between accounting information quality and the financing constraints.First,this paper reviews literatures related to accounting information quality,financing constraints,as well as the relationship between them at home and abroad,and then we do a brief review,and analyze the relationship between accounting information quality and the financing constraints based on the information asymmetry theory,principal-agent theory and signal transmission theory.On this,we advance some assumptions.Secondly,based on the 2013 to 2015 data of all a-share listed companies from Shanghai and Shenzhen stock exchanges,we do an empirical test on the relationship between accounting information quality and financing constraints.Further,we introduce both variables of enterprise market position and nature of the property rights to test the impact of them to the relationship between accounting information quality and the financing constraints.The results show that when companies are committed to the disclosure of high-quality accounting information,the difference between internal and external funding costs will be reduced and the financing constraints will be eased.High-quality accounting information is more attractive to investors or creditors in lower-market companies,and more effective in easing financing constraints;Similarly,the non-state-owned enterprises compared with the state-owned enterprises have no "background" support,the higher their quality of accounting information,the more they can attract investors and the more they can reduce the degree of financing constraints.In addition,the robustness test is completed through other measuring methods of accounting information quality,namely the information disclosure rating and FLOS model and robustness test results confirm the above research conclusion.Finally,the article suggest some measures: First,improve the quality of accounting information as a key work and key financial goals in the enterprises to reduce the financing constraints;Second,expand the source of internal funding and leverage the advantages of internal financing.Third,establish and improve relevant laws and regulations and oversight mechanismsthe.