Research On The Influence Of Comparability Of Accounting Information On Financing Constraints

The comparability of accounting information can show the same situation when different entities have the same economic business.It can also reflect the differences of different economic issues.It is helpful for external information users to compare,analyze,identify and predict business performance,and increase financial statements.The transparency of the investment has eliminated some of the investment concerns of external investors,allowing companies to obtain more external funds and alleviating their financing constraints.This paper uses the data from 2007 to 2016 of China's Shanghai and Shenzhen non-financial A-share listed companies as a sample,adopts a hybrid OLS research method,and empirically studies the relationship between the comparability of accounting information and financing constraints and the relationship path.Through empirical research,it is found that the comparability of accounting information is negatively related to financing constraints,that is,the comparability of accounting information can significantly reduce the degree of corporate financing constraints.Considering that information asymmetry and agency cost are the reasons for the formation of financing constraints,in order to explore the path of negative impact of the comparability of accounting information on financing constraints,this paper further analyzes information asymmetry and agency in the relationship between accounting information comparability and financing constraints.The cost has tested the mediating effect.The study finds that the agency cost is not a mediator of the relationship between the comparability of accounting information and financing constraints.Information asymmetry is the intermediary variable of the relationship between the two,that is,the impact of the comparability of accounting information on agency costs is not sufficient to reduce The financing constraints of enterprises and information asymmetry are the main paths for the influence of the comparability of accounting information on financing constraints.It is illustrated that improving the comparability of accounting information can alleviate the financing constraints of enterprises by reducing information asymmetry.Therefore,it is necessary to strengthen internal and external supervision and governance mechanisms of enterprises,improve the comparability of accounting information,purify the market environment,and promote efficient allocation of market resources.