Study On The Influence Of Media Reports And Audit Opinions On Financing Constraints

Financing constraint is a common problem in the new economy,which is mainly manifested in the following two aspects: the cost of the internal capital and external financing,and the difficulty of obtaining funds.The problem of asymmetric information is the direct root of the financing constraints of the company,and the external capital cost is too high and the market supply is insufficient which are the direct cause.With the independent third party between the owner and operator,the CPA authentications the quality of financial reporting information,to ensure the reliability and authenticity of disclosuring information form the audited entity,and the CPA's audit opinion is the form of expression of the verification results about financial statements.Because of the reliability of auditing opinion and itself information and the the trust form the market and market participants to auditor and his opinion,especially Standard unqualified opinion,the he gap of information asymmetry both investment and financing is narrowing,and which ease the financing constraints of the company.With the development of information technology,and the sharing of big data,and the rise of the media industry,the market and market participants focus on media reports gradually increased.The existence of media reports is the dissemination of information,its rapid,low-cost dissemination give to the market and market participants more information or channels to information.The media reports that the "fourth supervisors",independent of the owners,operators and auditors of the market,provide more information to the market and market participants,for making smarter decisions.According to the report,the media reports is divided into "negative reports" and "non negative reports".Media reports' s the content and form impact on the information environment and market participants' thinking,mentality,and even can be said to be changing.In the face of different media reports,different people have different perspectives and different understanding;In different media information environment,different people have different understanding and thinking about the same audit information.Based on the relevant literature review of financing constraints,audit opinions,media reports,and on the theories about Principal-agent,Signaling and Financing constraints,this paper chosing the 2010-2014 A shares of listed companies as sample,empirical studies the impact of media reports,the audit opinion on financing constraints.The study found that,Standard unqualified opinion can ease the financing constraints;the increase in the number of media reports to ease the financing constraints at the same time,strengthens the ease of the standard unqualified opinion on financing constraints;but with the increasing number of negative media reports,the company will face financial constraints gradually intensified,will weaken the ease of standard unqualified opinion on financing constraints.According to the research conclusions,this paper puts forward some countermeasures and suggestions to alleviate the financing constraints,give full play to the role of the media and make reasonable use of media information.Of course,this paper also has shortcomings,which is the breakthrough point of future research.