Analyst Following,Disclosure Quality And Financing Constraints

Chinese enterprises are facing serious financing difficulties.Financing difficulties have seriously hampered the development of these enterprises.Information asymmetry is one of important reasons of this problem.And the problem of information asymmetry in Chinese capital market is more serious than that of developed countries.Therefore,it is of great significance to explore the issue of financing constraints from the perspective of information.The use of information mediators to disseminate corporate information and solve the problem of information asymmetry between internal and external enterprises has been recognized by the society.Analysts,as an emerging force in the role of information intermediary,have increasingly expanded their ranks and have become increasingly effective in the financing market.In the context of the continuous improvement of information disclosure system,whether the tracking behavior of analysts can play the role of information dissemination in information intermediary,help enterprises to deal with the dilemma of financing constraints,and whether the quality of enterprise information disclosure will affect the relationship between the analyst tracking and financing constraints is a question worth exploring.In this paper,the five-year data of the listed company of the A stock board of the Shenzhen stock exchange are selected as samples.We use analysts' reports,Shenzhen Stock Exchange's information disclosure rating and cash-cash flow sensitivity model to carry out empirical multivariate regression analysis.At the same time,in order to solve the self-selection problem of analyst tracking variables,we refer to the idea of Heckman two stage model way.The first step is to build a Probit model of analyst tracking variable to calculate the inverse Mills ratio IMR,and bring it into the cash-cash flow sensitivity model of second steps to reduce the interference of external factors.The research results show that the listed companies of the Shenzhen Stock Exchange A-share main board still have financing constraints.The analyst tracking behavior can play the role of information mediation in information mediation,relieve the information asymmetry between internal and external enterprises,and the mitigation effect is positively related to the tracking frequency.There is a positive correlation between the quality of enterprise information disclosure and the remission effect.When the quality of enterprise information disclosure is good,the analyst tracking behavior can more significantly alleviate the financing constraints faced by the listed companies.The research conclusions can help enterprises solve the financing constraints in a targeted way.