The Government Can Alleviate The Financing Constraints Of Corporate Transparency

Financing constraint is an important factor affecting the high quality development of Chinese enterprises.There are three main views about the formation of financing constraints of Chinese enterprises in the existing literature: first,institutional factors,compared with state-owned enterprises,private enterprises are subject to more financing constraints;second,asymmetric information factors,companies with poor information disclosure quality cause investors' concerns,so the financing cost is higher;third,corporate risk factors,higher risk corporate investors require higher return Therefore,the financing cost is higher.The behavior of local government is also an important factor affecting the financing cost of enterprises.The rent-seeking of local government will inhibit the information disclosure of enterprises,so as to improve the financing cost of enterprises.At present,there are few researches on the improvement of local business environment and the influence of government governance on the financing cost of enterprises.In recent years,with the construction of e-government,the government departments have established official websites,opened official microblogs,and officially released and implemented the opinions on comprehensively promoting the work of government affairs publicity,completed the overall deployment of government affairs of administrative organs at all levels,gradually improved the degree of government information publicity,reduced the difficulty of enterprises and the public to obtain relevant government information,and obtained more relevant information Convenient and accurate.The transparency of government information can compress the space of power rent-seeking and reduce the power rent-seeking,which is an important indicator of government governance improvement.With the continuous improvement of the transparency of the government,the external business environment of the enterprise will also be affected by the change,what impact will it have on the micro behavior of the enterprise? Will the improvement of government governance help to ease the financing constraints of enterprises? The study of the above problems will help us to examine the microeconomic consequences of the reform of government governance.This paper selects all A-share listed companies in Shanghai and Shenzhen stock markets from 2009 to 2017 as research samples,and uses the combination of normative research and empirical research to investigate the impact of government transparency on corporate financing constraints.It is found that: the improvement ofgovernment transparency can alleviate the financing constraints of enterprises;in non-stateowned enterprises and enterprises without political ties,this mitigation is more significant.This paper provides empirical evidence for promoting the reform of business environment and building a new relationship between government and business in China.This paper is helpful to enrich the academic literature about the influence of macro-economic and political environment on the micro behavior of enterprises and find a new way to alleviate the financing constraints of enterprises from the perspective of government transparency,and puts forward the corresponding solutions to the specific problems,striving to verify and enhance the effectiveness of government information disclosure and solve the problem of insufficient financing of enterprises.