Information Disclosure Quality,Capital Stucture And Financial Risk

The problem of corporate financial risk has always been the focus and hotspot of theoretical and practical research.Scholars have done a lot of research on the factors that affect the financial risk of the enterprise.It is found that the capital structure,which is the main component of the internal governance of the company,One of the main factors,reasonable and suitable for the company's strategic development of the capital structure of the financial risk control has a positive impact.According to the theory of information asymmetry and signal transfer theory,information disclosure and capital structure there is a certain link.In the mature foreign securities market,the perfect information disclosure system will help listed companies to use equity financing to optimize the capital structure,to avoid market risk.So,in China,the quality of information disclosure will help optimize the capital structure,thereby reducing the company's financial risk,the quality of information disclosure,capital structure and the company's financial risk between the existence of contact.Therefore,this paper takes the listed companies on the GEM as the research object,and studies the relationship between the quality of information disclosure,the capital structure and the financial risk of the company.First of all,this paper defines the concept of information disclosure quality,capital structure and financial risk,reviews the domestic and foreign literature and theory,and analyzes the mechanism of action between the three.Secondly,it conducts empirical research and analysis.This paper selects a total of 1365 research samples from 273 GEM listed companies,puts the information disclosure quality,capital structure and financial risk into the same research frame construction model,carries on descriptive statistical analysis and regression analysis,draws the following conclusions: Asset liability ratio and finance The long-term debt ratio is negatively correlated with the financial risk,but not enough,that is,the proportion of the non-current liabilities is increased,and the proportion of the long-term debt ratio is related to the financial risk.Reduce the financial risk of the company;there is a significant positive correlation between the current liability ratio and the financial risk,that is,the excessive current liabilities,increase the short-term debt risk of the company;the quality of information disclosure is negatively correlated with the financial risk and improve the quality of information disclosure,Which can help to reduce the financial risk of the company.Information disclosure has a certain effect on alleviating the negative impact of capital structure on financial risk.For the company with high information disclosure,the increase of the debt risk is less than the information low disclosure level of the company.Finally,from the GEM listed companies and regulators put forward two corresponding policy recommendations,with a view to improving the quality of information disclosure,optimize the capital structure,reduce and control financial risks,so that GEM listed companies to achieve sustainable development.