Research On Voluntary Information Disclosure And Financing Constraints Of Cultural And Creative Enterprises

With the rapid development of the securities market and the changing of enterprise survival environment,the notivation of the listed company information disclosure is in constant increasing,voluntary information disclosure was also promoted to a very important position,and it affected the operation and financing of enterprises to a great extent.A amount of research results showed that voluntary information disclosure can effectively reduce the financing constraints.For the emerging cultural and creative enterprises,strongly advocated in the country situation is of great significance for China's capital market,at the same time provide products and services and profound influence on people's values and behavior.Thus compared to the general business,voluntary disclosure of information is of great significance to cultural and creative enterprises.In reality,due to the problems of information asymmetry and principal-agent,the phenomenon of financing constraint,is widespread in cultural and creative corporations,which seriously restricts the sustainable development of enterprise's health.At present,academic researches about the particularity of cultural and creative enterprises voluntary information disclosure and the relationship between voluntary information disclosure and financing constraints,and whether under the influence of property structure are far more enough,which provide the research idea of this article.For cultural and creative enterprises,under the framework of the existing voluntary information disclosure of listed companies,from its unique attributes,this paper try to establish the voluntary information disclosure evaluation system of cultural and creative enterprises.By using the panel data model within the period between 2012-2016 for the A-share cultural and creative industry listed companies of the Shanghai and shenzhen,this paper has probed whether and how the execution of voluntary information disclosure for the cultural and creative enterprises impact on the financing constraints.The results show that the voluntary information disclosure performance of our cultural and creative enterprises can reduce the information asymmetry between companies and stakeholders,as well as agency costs.Thereby reducing the corporate finance constraints.Further research found that,the effects of improving financing constraints also influenced by property rights and ownership concentration.Compared with state-owned cultural and creative enterprises,voluntary disclosure of the private cultural and creative enterprises has more significant relief effect on financing constraints.The lower the concentration degree of the cultural and creative enterprises voluntary information disclosure is more significant to the easing of financing constraints.Finally,the purpose of this paper is to strengthen government regulators and investors on voluntary disclosure of information play a role of reasonable and effective supervision,and at the same time guide the cultural and creative enterprises actively fulfill their voluntary information disclosure,so as to reduce the financing constraints of enterprises.