Research On The Influence Of Information Disclosure Quality On The Financing Constraint Of Technology Enterprises With Small And Medium Board Listing

Technology listed enterprises are an important force for innovation and optimization of the economic structure of a eountry.Therefore,it is very important to find countermeasures to alleviate the financing constraints that restrict the development of technology listed enterprises.Although there are many researches and analyses on financing constraints in the academic circles,there are few literatures on the relationship between financing constraints,information asymmetry and information disclosure quality.So whether information asymmetry is the fundamental source of technology financing constraints?If so,what is the relationship between information asymmetry and the quality of information disclosure?Will the financing constraints be mitigated by the improved quality of information disclosure by the enterprise?These problems will be the focus of this paper.Therefore,this article chooses the medium and small board(non-financial)listed technology listed enterprises in the Oriental wealth chice database as a research sample,and studies the relationship between financing constraints and information asymmetry and information disclosure quality,and tries to use information asymmetry as an intermediary variable.To study the effect of information disclosure quality on the financing constraints of technology listed enterprises,this paper has some practical significance for further development of technology listed enterprises in China.This paper adopts the method of combining normative research with empirical research.Based on basic theories such as information asymmetry,the paper selects samples from companies listed on the basis of the definition of technology listed companies.The deletion of the sample of enterprises with missing data and data anomalies yielded 150 enterprise data from 2013-2017,a total of 750 observation samples.Firstly,the sa index is taken as the measure of financing constraint,and the first model of financing constraint can be established based on the analysis of the principle of its interaction with a series of related variables.Then,a model is established to test whether the quality of information disclosure has an effect on information asymmetry.Then,based on previous scholars 'research,Almeida et al.(2004)proposed a cash-cash flow financing constraint model,adding information disclosure quality and its interaction with cash flov,using cash flow coefficients,namely cash-cash flow sensitivity,To measure the degree of financing constraints,and determine whether the quality of information disclosure has an inhibitory effect on financing constraints based on whether the coefficient of cf*es in the interaction item is significantly negative,The second model of financing constraint is established to test whether the quality of information disclosure has an effect on the financing constraint.Through regression analysis,The existence of financing constraints,information asymmetry to strengthen financing constraints,information disclosure quality to information asymmetry inhibition and information disclosure quality to financing constraints.