The Executives' Financial Connection And Information Disclosure Quality Impact On Financing Constraints

Capital is very important for small and medium-sized board listed companies.The capital management and long-term development of the enterprise can not do without the support of capital.However,financing constraints have become a huge obstacle to the healthy development of small and medium-sized board listed companies in recent years.According to the data in this paper,during the three years from 2014 to 2016,more than 55% small and medium-sized board listed companies solved the problem of financing constraint by establishing financial connections with financial institutions.As investors attach importance to the quality of information disclosure,some small and medium-sized board listed companies also reduce the degree of information asymmetry by improving the quality of information disclosure so as to alleviate financing constraints.However,the effectiveness of these two methods remains to be studied.Therefore,it has important theoretical significance and practical value to study the influence of senior executives' financial association and information disclosure quality on smes' financing constraints.This paper takes small and medium-sized board listed companies as the research object,and puts forward the research hypothesis based on the literature and theories of senior executives' financial association,information disclosure quality and financing constraint.This paper studies executive financial association and information disclosure quality the alleviating effect on corporate financing constraints respectively from the perspective of interior and exterior by using 1770 groups of samples of 590 listed companies on the sme board of shenzhen stock exchange from 2013 to 2016.And This paper further studies the influence of information disclosure quality on the relationship between senior executives' financial association and financing constraint according to the substitution theory of formal institution and informal institution.According to the above research,the following conclusions are drawn : At present,China's small and medium-sized board listed companies are still facing serious financing constraints.Executive financial association based on relationship culture can obviously alleviate financing constraints.The improvement of information disclosure quality of small and medium-sized enterprises can also alleviate financing constraints.Based on this,further research shows that the improvement of information disclosure quality can reduce the alleviating effect of senior executives' financial association on financing constraints,but the quality of information disclosure cannot take the place of senior executives' financial association.Therefore,this paper suggests that small and medium-sized board listed companies alleviate financing constraints by building enterprise "relationship" network and improving enterprise information disclosure system.Government should perfect the system construction and improve the financing environment of enterprises to support small and medium-sized enterprises to solve financing problems.In addition,this paper also puts forward the corresponding Suggestions to the information disclosure quality evaluation institutions,in order to better play its purpose of enterprise information disclosure quality supervision.The innovation of this paper lies in: Taking small and medium-sized board listed companies with more severe financing constraints as the research object,the research conclusions are more targeted,This paper combined 4 figure,15 forms,86 references.