Research Of Accounting Information Transparency And Financing Costs Impact On The Enterprise Performance

The core of the enterprise information disclosure system is the transparency of accounting information.In fact,the false financial information not only has greatly damaged the confidence of the capital providers,and hurt the interests of them,but also has a negative impact on the enterprise to some extent.How to enhance the transparency of accounting information in order to improve the performance of the enterprise has been a hot issue in the accounting field.We respectively study on the summaries and theories of the accounting information transparency,financing cost and enterprise performance,then it is concluded that accounting information transparency should improve company performance.And then we use the 2008-2014 annual report of SHENZHEN listed company,but for the rigor of the article,choosing the data from 2007 to 2013 as the measure of accounting information transparency,to discuss the relationship between accounting information transparency and financing cost from the cost of equity and debt financing,create multiple linear regression model hypothesis testing,and then draw the following conclusions:(1)The better accounting information transparency help to improve company performance.(2)The better accounting information help to reduce the cost of equity and the total financing cost.The relationship between accounting information transparency and debt financing cost is not significant.(3)The better accounting information can help to reduce the financing cost,and then to improve the enterprise performance.The medium effect of the financing cost is obvious.And the medium effect of the equity financing cost is also obvious,but it of the cost of debt financing is not.The contribution is to study the medium effect of the financing cost in the relationship between accounting information transparency and the corporate performance.And we study the relationship between accounting information transparency and the cost of equity,debt financing at the same time not as before.So this thesis improve the relative study to some extent.