| Debt financing is one of the important ways of external financing of Chinese enterprises, and the relationship between corporate debt financing and the quality of accounting information disclosure has always been a hot financial academic. In the credit market, the enterprise as a loan is not only hoping to obtain the full loan, but also to achieve the interest rate minimization. The full disclosure of accounting information can significantly reduce the risk of bank credit default, and then reduce the cost of loans, and ultimately increase the company’s bank debt financing amount. Since the new period of comprehensive reform, the Chinese economy proposed new requirements for deepening financial reform. Specifically, in order to reduce the interference of the government "visible hand" of the credit markets, the countries to strengthen the bank credit market reform efforts, the people’s Bank of China issued a series of standard bank credit rating and other measures. Objectively, which reduces the implicit government guarantee on the debt financing of listed companies, improve the degree of marketization, so as to enhance the capital market in information disclosure of listed companies the role of quality in the process of corporate debt financing. Differences in the degree of marketization will impact on corporate debt financing change:higher regional marketization process, government intervention on bank credit financing is relatively low, then significantly promote the quality of information disclosure on the impact of corporate debt financing. However, there are few studies on how marketization affect the relevance between information disclosure and corporate debt financing.Based on effective capital market theory,economic consequences theory, signa ling theory, information asymmetry theory etc., this paper analyzes theoretically the quality of information disclosure under different degree of marketization of corporate debt financing, the influence of the empirical analysis to verify the quality of information disclosure under different conditions of new bank loans and debt financing costs affect the difference. From the macroscopic fectors (marketization) and micro (information disclosure quality) two ways to measure the company to achieve the efficiency and effect of debt financing, respectively study the marketization degree and the quality of information disclosure and the cost of debt financing and marketization degree and the quality of information disclosure and the new bank loans of the correlation between two sets of variables.,intercepting 6779 listed companies large sample data of 2009-2013, by adopting the combination of normative research and empirical research method, analyzes the marketization degree of the influence of the quality of information disclosure and corporate debt financing. Specific include descriptive statistics analysis, correlation analysis and multiple regression analysis. Research shows that in the control of the company size, business growth, return on total assets and other factors, marketization degree and quality of information disclosure is closely related to the company’s debt financing level. A higher level of information disclosure will help ease the information asymmetry between the fact, thus significantly reduce the cost of debt financing of enterprises, improving the quality of information disclosure can get more new bank loans for the enterprise. Marketing degree of China’s listed companies and information disclosure quality is positively correlated relationship, marketization has a negative influence on debt financing costs, marketization and new bank loans were positively correlated relationship. And a higher degree of marketization and better quality of information disclosure will help small and medium-sized private enterprises credit financing. These findings enrich the information disclosure quality and corporate debt financing of empirical research,also have practical significance on bank credit decision and financial improvement. |
