The Quality Of The Information Disclosure,the Financing Constraints And The Corporate Performance

The capital market is still in a period of incomplete development in our country,considering that the quality of information disclosure of listed companies is generally not high and the financing difficult,how to stimulate the internal power of the information disclosure,to reasonably strengthen guidance the information disclosure,increase the information supply in full,accurate and timely manner,and to alleviate the financing constraints,has become the only way for healthy and continuous development of the capital market in our country.At the same time,the company as the main body of the market economy pursues the maximum profit,the ultimate goal of the enterprise financing,investment,management and other major activities is to improve the performance of the company.Based on those,this paper research the connection of the quality of information disclosure,the financing constraints and the corporate performance to reveal their connection and their influence mechanism,to improve the performance of the company and to guarantee our country's capital market to develop healthily and effectively,have important significance.This paper adopted the method of combining normative research and empirical research,on the basis of the domestic and foreign research and related theory,analyzed the current situation and the main problems of the information disclosure quality of listed company in our country through the statistical analysis,selected data from 2010 to 2015 for six consecutive years of the main board listed company of Shenzhen Stock Exchange as sample,used the listed companies rating of Shenzhen Stock Exchange's website to measure the information disclosure quality,used KZ index to measure the financing constraints and return on total assets ratio to measure the performance of the company,researched the connection of the information disclosure quality,the financing constraints and the corporate performance to reveal their connection and their influence mechanism.The results of testing show that: 1.About 60% of the listed company had ordinary quality of information disclosure,especially,the number of the listed company which had good quality is small,on average less than 20%,these suggests that the level of the information disclosure of the listed companies in our country are still remains to be improved in the future;2.The information disclosure quality is positively correlated with the corporate performance,high quality of information disclosure can improve corporate performance;3.The financing constraints are negatively related with the corporate performance,high level of the financing constraints can suppress the improvement of the corporate performance;4.High quality accounting information play a regulatory role in weakening negative correlation with the financing constraints and the corporate performance,in other words,improving the quality of information disclosure can ease the negative effect of the financing constraints on corporate performance.Finally,according to just a small number of listed companies have high quality of information disclosure and most companies are facing financing constraints in our country,on the base of referencing domestic and foreign advanced experience,according to the conclusion of this paper,this paper put forward the corresponding suggestion to further improve the level of the information disclosure quality of the listed companies,to ease the financing constraints and to guarantee our country's capital market to develop healthily and effectively.