The Research On The Relationship Between Accounting Information Quality And Financial Constrain Under Different Financial Development

In the imperfect market, information asymmetry exists generally, This lead to risk premium between internal and external financing costs, in general, the external financing cost is higher. When enterprise makes a positive NPV decision, the high cost of external financing limit the optimal investment decision and the dilemma has become a corporate financing constraints. Corporate financing constraints seriously limits the enterprise investment and growth opportunities. According to the results of the survey of the world bank, the severity of the Chinese enterprise financing constraints among the nations, so ease the financing constraints is imminent. Both the Enterprise itself and the financial environment have effects on a corporate financing constraints. Enterprise itself, an important information disclosure can reduce the degree of information asymmetry, relieving the financing constraints; From the point of the external environment, the development of the financial market can affect the financing constraints. It is necessary to take the both factor into consideration. This article is based on the above research, make the enterprise accounting information quality, level of financial development and financing constraints, a series of studies.This article selects 2005-2014 financial data of listed companies to measure the enterprise accounting information quality, using principal component analysis to build the level of financial development indicators, through cash-cash flow sensitivity model for empirical research. The results confirmed that our country enterprise have financing constraints problems. If companies choose timely disclosure of accurate comprehensive real accounting information, namely the enterprise accounting information quality is high, the enterprise financing difficulties can to some extent to be relieved. The development of financial markets, of course, is negatively related to the degree of financing constraints, namely, financial development can reduce the degree of financing constraints. On this basis, the quality of accounting information’s ability to ease the financing constraints will change with the development of financial market level, when the financial development level is high, the quality of accounting information have better relief of financing constraints. Finally, in order to ensure that the empirical results of conscientiousness, subsequent robustness test, results all through the robustness test.