Research On The Impact Of Information Disclosure Quality Of Listing Corporation On The Protection Of Creditors Under The Difference Of Financial Development

Creditors as the main stakeholders of the enterprise, the protection of their rights and interests not only affect the credit availability of enterprises, but also related to the healthy development of the national economy. In recent years, along with our country repeatedly lowered deposit, loan datum interest rate, bank credit scale rapid expansion, credit risk is increasing, and which is closely related to risk of debt of creditor protection appears to be particularly important. High quality information disclosure plays an important role in reducing information asymmetry, weakening adverse selection and moral hazard. However, the current academic research on the quality of information disclosure is mainly focused on the stock market, and there is little research on the impact of the quality of information disclosure on the protection of creditors. At the same time, our country is in the economic transition period, the differences of financial development in various areas also provide a good system background for the study of the quality of information disclosure and the protection of creditors. Therefore, this article will start from the background of financial development differences, research the impact of information disclosure quality of listing Corporation on the protection of creditors. Hope to find an effective way to protect the rights and interests of creditors in the study, to promote the enterprise to improve their own aspects, optimize the allocation of credit resources efficiency.On the Shenzhen Stock Exchange listed companies as the research object, through the method of multiple linear regression analysis, empirical test of the listed company information disclosure quality influences on the protection of creditors, enterprises of high quality information disclosure contributes to protecting the creditor’s rights and interests, promote effective debt contract signed, to enable enterprises to obtain more loans incremental results. Among them, the impact of information disclosure quality on the new growth period is more obvious than that of the short-term loan listing Corporation. In addition, this paper is the first to examine the regional financial development differences, the information disclosure quality of creditor protection effect difference. The results showed that in areas with low levels of financial development, listed companies of high quality information disclosure does not help the gain more incremental borrowing; with the improvement of the level of financial development, the enterprises of high quality information disclosure is useful and helpful not only to obtain a new loan gross, more conducive to obtain new growth and long-term loans to alleviate its financing constraints. This study not only enriched the economic consequences of the quality of information disclosure, but also on the understanding of the economic transformation of the country’s creditor protection is more targeted and practical significance.