A Research On The Institutional Investor Research On Corporate Financing Constraints

The development of enterprises is inseparable from the support of funds.Research shows that Chinese enterprises face different levels of financing constraints and inhibit the growth of enterprises.An important reason for the emergence of corporate financing constraints is the information asymmetry between enterprises and investors.Enterprises want to reduce financing constraints,and can use information communication intermediary to eliminate the information asymmetry between investors and enterprises.Institutional investors are important participants in the capital market and have the ability to raise money and manage information.The institutional investor's research behavior can effectively speed up the information flow between enterprises and investors,and help institutional investors make better investment decisions.Institutional investors in the context of significant corporate financing constraints.Whether the research behavior can improve the investment confidence of the institutional investors and improve the quality of corporate accounting information to achieve the goal of alleviating corporate financing constraints is a question worth exploring.This paper selects the Shenzhen Stock Exchange A-shares as a research sample from 2013 to 2017,uses the earnings information method to calculate the ACC of the enterprise accounting information quality,and uses the revised cash-cash flow sensitivity model as the metric for corporate financing constraints.The Heckman two-stage model was referenced to eliminate the self-selective endogeneity of institutional investors.The research results show that there are financing constraints in the enterprises listed on the Shenzhen Stock Exchange.The investigation behavior of institutional investors has reduced the degree of corporate financing constraints,and the degree of mitigation is positively correlated with the frequency of investigation.Institutional investors' research behavior can alleviate corporate financing constraints by improving institutional investors' investment confidence and corporate accounting information quality.