Analyst Coverage?Quality Of Information Disclosure And Cost Of Debt Financing

Debt financing,which is often used in corporate daily financing,how to reduce financing costs is a problem that every company attaches to when implementing this decision.In the existing research,some scholars and experts have shown that by disclosing high-quality accounting information to reduce the degree of information asymmetry between external creditors and corporate debtors,the uncertainty risks and necessary supervision costs undertaken by creditors can be effectively reduced.Therefore,it indirectly reduces the financing cost of the enterprise.On the other hand,analysts use the advantages of their information collection and analysis capabilities to monitor corporate governance from the outside,making the“opportunistic behavior” of corporate management more difficult to operate.Then,what is the combined effect of analyst attention,corporate information disclosure quality and debt financing cost? This is worthy of our research and analysis.This paper takes Shenzhen A-share listed company as the research object,and selects the data from 2008-2017 as the research sample.The research results show that:(1)analysts' attention and information disclosure quality have positive effects on reducing debt financing costs,showing a significant negative correlation.relationship.(2)The research found that analysts' concerns,information disclosure quality and debt financing costs have a transmission relationship.The quality of information disclosure plays a part of the intermediary effect in the relationship between analysts' attention and debt financing costs,indicating that the analyst's supervision mechanism is exerted.The role it should have.(2)Further study on the nature of property rights and the research on the listing sector found that the positive effects of non-state-owned enterprise analysts on debt financing costs are more significant in state-owned enterprises;the negative correlation between information disclosure quality and debt financing costs is significant in the main board market.Not significant in the GEM market.