Information Disclosure Quality,Analyst Following And Financing Constrains

Financing as a company's behavior and process of raising funds is a very important economic activity.If the enterprise can obtain sufficient financial support in time,it is very beneficial to the business development of the company.According to MM theory,in the perfect capital market,there is no difference in the internal and external financing costs of companies,and there is no financing constraint.However,there is no perfect market in reality.However,the actual market is not perfect,the information asymmetry and agency problems make the situation between internal and external different,so there are financing constraints.The development of financial markets is unbalanced and imperfect.Compared with developed countries,the financing constraints faced by developing countries are more serious and have greater impact.The World Bank's investigation of China's investment environment shows that China has almost become the country with the most serious financing constraints,and China's widespread financing and expensive financing phenomenon.Many studies have shown that information asymmetry is the root cause of financing constraints.Research on financing constraints can provide some methods for financing difficulties and financing in China.Many studies have shown that improving information disclosure quality can reduce information asymmetry and agency costs.Compared with the capital markets of developed countries,the quality of information disclosure in our country is relatively low.Although China's regulatory agencies have strict requirements on company information disclosure,there are still a large number of illegal information and false information in the market.Therefore,China has increased the quality of information disclosure.It may be better to reduce the financing constraints.Due to the limited time,energy and expertise of investors,most of them can only rely on analysts to track and predict analysis.Pass the information through the analysts,establish a bridge of information communication,increase the degree of social attention,and improve the information environment.Therefore,analysts' follow-up transmission can promote the role of information disclosure in mitigating financing constraints.This article uses the Shenzhen A-share listed company from 2012 to 2016 as a research sample,and uses the Shenzhen Stock Exchange's information disclosure rating and earnings churn as a measure of the quality of information disclosure,and uses a cash-flow cash flow sensitivity model to study information disclosure and financing constraints.Impact.Then,based on the number of analysts tracked by listed companies in the Tai-An database in the same year,the research analysts tracked the impact of the relationship between information disclosure and financing constraints.Descriptive statistical analysis,correlation test,multiple linear regression analysis,and robustness test were performed.The following conclusions are drawn:At present,listed companies in China are subject to financing constraints;the quality of information disclosure is negatively related to financing constraints;the more analysts follow,the more information disclosure can be used to mitigate the effects of financing constraints.