Environmental Uncertainty?Quality Of Accounting Information Disclosure And The Cost Of Debt

Debt financing is one of the important ways of financing in Chinese enterprises.The cost of corporate debt financing has been a hot topic of financial studies.How to reduce the debt financing cost is the top priority of management.Therefore,the research for factors which affect the cost of debt is of great significance.Studies showed that the level of corporate governance?accounting conservatism?ownership property?enterprise scale and debt level have significant effects on the cost of debt.This paper prepare to research the relationship of information disclosure and the cost of debt in the view of factors influencing debt finance costs.The mechanism of accounting information quality is an important part of corporate governance structure.Quality of accounting information affects the flow and allocation of resources and the efficiency of capital market.High level of accounting information quality can reduce the information asymmetry between creditors and debtors,then the risk of creditors and monitoring costs are expected to decline.Finally,the cost of debt must go down.Since the outbreak of the financial crisis in 2008,Chinese economy is in the process of economic restructuring,the external environment which our enterprises are facing is becoming more and more complex and volatile.So we want to show the relationship between the environmental uncertainty and the cost of debt and what will happen with the relationship between the accounting information quality and debt cost when external environmental uncertainty increases.Considered Chinese market characteristics and the situation of enterprises,this paper use the empirical and normative analysis method to make research of environmental uncertainty?quality of accounting information disclosure and the cost of debt in the guidance of relative theory.This dissertation is divided into five chapters to conduct research and analysis.In the introduction part,we can get research background,significance and methods,as well as research innovation based on the domestic and foreign article.The second part explains professional notions of environmental uncertainty?quality of accounting information disclosure and the cost of debt and relevant theories such as stakeholder theory and so on.The third section mainly uses the form of charts to provide the current situation of quality of accounting information disclosure environmental uncertainty and the cost of debt of Chinese listed enterprise from the year of 2010 to 2015.Then it is important to make academic dissection of the relation of these notions.The forth part is a process that we need prove the assumption by using several methods to test sample data.1123 enterprises chosen from listed companies on the Shenzhen Stock Exchange are analyzed to carry the assay.Finally we can come into the conclusions:(1)there is significant negative correlation between quality of accounting information disclosure and the cost of debt.(2)environmental uncertainty can encourage the cost of debt significantly.(3)environmental uncertainty significantly enhances the relation of quality of accounting information disclosure and the cost of debt.