Equity Structure,accounting Information Quality And Debt Capital Cost

Manufacturing is the main body of China's real economy and the foundation for building China's modern economic system.In the actual development of enterprises,the manufacturing industry faces the problem of high financing costs for financing,and the problem of external debt financing costs of enterprises has become increasingly prominent.Therefore,research on how to reduce the debt capital cost of manufacturing enterprises has become the focus of relevant academic fields.Since the 21 st century,the news of financial report fraud has emerged in an endless stream.The explosion of events such as Enron,WorldCom and Yinguangsha has made the quality of accounting information a focus of investors.People are paying more and more attention to the robustness of accounting information and also let enterprises Realizing that only by improving the quality of accounting information can we reduce the debt capital cost of enterprises.This paper first reviews the domestic and foreign literatures on the relationship between equity structure,accounting information quality and debt capital cost,and summarizes and analyzes related research.Secondly,the relevant theory is used to analyze how the equity structure affects the cost of debt capital through the quality of accounting information.Thirdly,this article takes the listed companies in the Shanghai and Shenzhen A-share manufacturing industry as an example,selects the data for the five consecutive years from 2013 to 2017 as a sample,uses the empirical research method,selects the relevant model measurement model,and constructs a regression model to explore the ownership structure.In order to ensure the robustness of the empirical results,in order to ensure the robustness of the empirical results,this paper chooses the modified DD model as a substitute indicator to measure the quality of accounting information to conduct a robustness test.The following conclusions are drawn through research: There is a positive correlation between the concentration of equity and the quality of accounting information.The balance of equity is negatively correlated with the quality of accounting information.Secondly,the improvement of the quality of accounting information can effectively reduce the cost of debt capital;and the structure of equity is through the intermediary variable of accounting information quality.It has an impact on the cost of debt capital.In view of this conclusion,from the perspective of improving the ownership structure and improving the internal governance level of the company,it puts forward suggestions for improving the high cost of financing difficult financing.Through the research in this paper,relevant empirical data is provided for the relationship between equity concentration,accounting information quality and debt capital cost.The empirical research results also have the effect of reducing the debt capital cost of Chinese manufacturing enterprises and solving financing difficulties.