The Impact Of Accounting Conservatism And Audit Quality On Financing Constraints

Financing constraints are a common problem in the process of enterprise upgrading and transformation in our country.However,accounting conservatism and audit quality often affect the financing constraints of listed companies.Improve the degree of accounting conservatism,can pass a good financial signal to the outside world,thereby alleviating the financing constraints of enterprises;improve the quality of audits or audits by the high reputation of the firm can also pass a better signal to the outside world Ease the financing constraints of enterprises.So when both act on the financing constraints,what kind of endogenous impact will it produce? What is for different sizes of different types of business impact ?In order to solve the above problems,this paper takes the data of all A-share listed companies from 2001 to 2016 as a sample.Based on the relevant theoretical analysis,this paper proposes the research hypotheses and measures,under the reference of Almeida(2004)to construct Accounting conservatism,Audit quality on financing constraints model.The results of this study show that the higher the accounting conservatism or audit quality,the smaller the degree of corporate finance constraints;When the audit quality is higher,the effect of accounting conservatism on financing constraints is more obvious,which shows that accounting conservatism and audit quality are beneficial to reduce the degree of corporate finance constraints,and these two mechanisms show complementary relationship.This paper also found that large-scale enterprises,state-owned enterprises do not exist significant financing constraints;Compared with the state-owned enterprises,large-scale enterprises,accounting conservatism and audit quality to ease the non-state-owned enterprises and smaller enterprises financing role is more significant.This paper is of great significance for the formulation of relevant policies to further alleviate the financing difficulties of private enterprises and small and medium-sized enterprises and create a favorable institutional environment and financial ecology conducive to the growth of these enterprises.