Managerial Ability,Information Environment And Corporate Financing Constraints

In real economic activities,enterprises are not only the main participants of economic activities,but also the basic elements to ensure the operation of the national economy.For enterprises,the important premise for their stable investment and sustained growth is to have abundant capital flow.However,in the real economic activities,most of the enterprises do not have sufficient capital flows,and they often need to rely on external financing to solve the shortage of money.However,due to the information between capital supply and demand is not completely open,as well as the problems among agencies,for most enterprises,financing difficulties and the high cost of financing is still a prominent problem at present.For it not only will increase the burden on enterprises,impede the survival and development of enterprises,but also will further reduce market allocation efficiency,and obstruct the sustained and healthy development of society.In the latest survey report----the questionnaire tracking survey about Chinese business operators released by the State Council Research Center in 2017,it mentioned that most small and medium enterprises still regard financing difficulties and high financing costs as a major challenge for the development of enterprises.And the government is also concerned with this big problem.As the decision-making role,the management affects the "honor and disgrace" of an enterprise.An excellent management is an important guarantee for an enterprise to maintain its sustainable development.It is a key factor for an enterprise to take a favorable position in the fierce market competition.As one of the three main activities of enterprises,financing activities will inevitably be influenced by the management of enterprises,which may affect the financing difficulties and financing costs of enterprises.Therefore,under this background,this paper studies whether managerial ability can mitigate enterprise financing constraints,and to explore whether the information environment can adjust the relationship between them.At first,this paper reviews some related literature about the domestic and international managerial ability,information environment and corporate finance constraints,and elaborated on the causes of corporate financing constraints.Secondly,this paper elaborated on how the managerial ability to affect corporate financing constraints,and put forward the research hypothesis about them.Third,the analysis of different information and environmental factors on the relationship between managerial ability and corporate financing constraints,and put forward the corresponding assumptions.Then build an empirical test model,and uses the data of all the A shares in Shanghai and Shenzhen stock markets from 2007 to 2016 to test whether the hypothesis is correct or not.Finally,according to the research conclusions,some suggestions are put forward in order to alleviate the financing constraints of enterprises.At the same time,this paper also points out the shortcomings of itself in the process of research,and puts forward some possible directions for the future research.The results show that:(1)There is a negative correlation between managerial ability and corporate financing constraint,that is to say,managerial ability can alleviate the financing constraints faced by enterprises;(2)Compared with the enterprises with poor internal information environment,some good ones have a higher level of negative correlation between the enterprise managerial ability and the enterprise financing constraints;(3)Compared with enterprises with good external information environment,the bad ones have a higher degree of negative correlation between the managerial ability of the enterprise and the corporate financing constraints.According to the empirical analysis,this paper studies the relationship among the managerial ability,information environment and financing constrains of enterprises.On the one hand,it can enrich the research in corporate financing constraint,and on the other hand,it can expand some related literature about managerial ability,as well as the economic consequences caused by information environment.