Research On The Relationship Between Strategic Difference And Debt Financing Cost

Debt financing has become the most common means of financing for enterprises,but at present,issues such as "difficult financing" and "expensive financing" are still difficult for many companies.Therefore,how to effectively reduce the cost of debt financing for companies has become an important challenge for companies.Therefore,analyzing the factors that affect the cost of corporate debt is of great significance to the development of a company.Within the company,strategic differences will bring higher operational risks and higher information asymmetry to the company,which will lead to an increase in the cost of debt financing for the company.This article takes all A-share listed companies except the financial industry in China from2010 to 2020 as samples to explore the correlation between strategic divergence and debt financing costs,and studies the mechanism of the two from the perspective of comparability of accounting information.The research shows that as the strategic divergence of enterprises increases,the cost of debt financing also increases;For enterprises with large strategic differences,the more difficult it is for external information users to compare the enterprise with other enterprises,the lower the comparability of accounting information;The comparability of accounting information plays a mediating role between strategic differences and the cost of debt financing.When the comparability of accounting information increases,the asymmetry of enterprise information intensifies and the cost of debt financing increases.Further research has found that fierce product market competition and environmental uncertainty can weaken the impact of corporate strategic differences on debt financing costs.Regarding the research results,this article proposes the following suggestions: selecting enterprises that deviate from industry conventional strategies can minimize performance fluctuations and reduce operational risks,while improving the quality of accounting information disclosure as much as possible,facilitating external information users to make relevant decisions;Relevant departments should strengthen supervision of enterprise information quality,guide and optimize resource allocation,and promote enterprise development.