The Impact Of Information Disclosure Quality On The Financing Structure Of China 'S Listed Companies

Debt financing is the main source of corporate funds in China.However,there is a serious asymmetric information in the market,which will affect the efficiency of resource allocation.Creditors want to get more business-related information to improve the accuracy of decision-making.And information disclosure,as the connection of external information users and businesses,meet this need.Generally speaking,the high quality of information disclosure of the enterprise,the company's internal governance is more perfect,which gives the external information users more information to make decisions.And the quality of corporate information disclosure is poor,creditors can not fully obtain useful information.So for risk control considerations,it may use the debt contract to protect their own interests,and enterprises may face more restrictions on debt.Therefore,this article wants to study the following questions:The quality of enterprise information disclosure,whether it will have an impact on its financing structure.From this point of view,this paper collects from 2011 to 2015 Shenzhen Stock Exchange A shares of listed companies for the study of samples.First of all,we explore the quality of information disclosure on the impact of corporate finance structure from a micro perspective,which means we measure corporate finance structure from three angles of enterprise borrowing,bank loans and commercial credit to study how the quality of information disclosure affects corporate financing preferences.The study concluded that:enterprises which have information disclosure of high quality,are getting more debt financing,bank loans and commercial credit financing.On the basis of the above conclusions,We combine the financial ecological environment theory to do further analysis from the macro level.The financial ecological environment theory tells us that the good financial ecological environment can effectively alleviate the financing constraints,And high quality of information disclosure enterprises are also more easy to borrow.So if the enterprise is located in the lower level of financial ecological environment,because of its financing constraints,whether it will be more motivated to improve the quality of their own information disclosure to attract money?Therefore,in the further analysis,this paper discusses whether the level of financial ecological environment can strengthen or weaken the influence of the quality of information disclosure on the financing preferences of enterprises by introducing the financial ecological environment variables from the macroscopic angle.The study concludes:in areas with low levels of financial ecology,companies with higher information disclosure will not increase their commercial credit financing,but will be able to do more debt financing and get more bank loans.In summary,this paper discusses the relationship between the quality of information disclosure,the structure of enterprise financing and the level of financial ecological environment,and finally obtains research results.This provides a new empirical evidence for examining the impact of the quality of information disclosure on the structure of debt financing and the impact of this impact on the performance of different levels of financial and ecological environment in China.This is also has a certain reference value for enterprises to improve the quality of information disclosure and regulatory agencies to strengthen information disclosure supervision.