Information Disclosure Quality And Debt Financing

In our country, bank loans and commercial credit is the main source of debt financing for many enterprises. However, there are serious information asymmetry between financing enterprises and other creditors. Vast majority of enterprises face debt financing constraint problem. Information disclosure is the connection bridge between enterprises and stakeholders. If enterprises have high quality of information disclosure, bank can guarantee get funds back and get interest, reducing the possibility of bad debts. Suppliers offering high quality of information disclosure of enterprise commercial credit can guarantee to recover more payment timeliness and establish long-term cooperative relationship. Therefore, what relationship is between the quality of information disclosure and debt financing? Whether improving the quality of information disclosure help the listed company for more bank loans and commercial credit, and ease debt financing constraints? Aiming at this issue in-depth analysis, this paper examines the ownership and market position of the influence on relationship between them, in order to provide guidance for enterprises to ease the financing constraints, for bank credit decisions and regulatory policy to provide the reference value.At first, this paper reviews research about information disclosure quality indicators, the relationship between debt financing and disclosure quality. Based on the combination of academic research, this paper chooses the assessment of the information disclosure of Shenzhen stock exchange for listed companies. Based on the theory of information asymmetry, signal transmission, and so on, this paper put forward research hypothesis. This paper takes listed companies on the Shenzhen stock exchange in 2010-2014 as research samples, and from the microscopic view, discusses effect of quality of information disclosure on new bank loans and new commercial credit. And combined with the ownership and market position, do further analysis from the macro level. Study the following conclusions: Firstly, improving the quality of information disclosure will help enterprises gain more bank loan and commercial credit; Secondly, the ownership of state-owned property weakens the effect of quality of information disclosure on new bank loans and new commercial credit, and specifically information disclosure quality of non-state-owned listed companies has more impact on new loans and new commercial credit. Thirdly, relative to enterprises in high market position, the quality of information disclosure of enterprises in the low status of the market have more impact on new loans and new commercial credit.