The Study Of The Effect Of Accounting Information Transparency On The Loans Of Companies

In the study of contemporary financial theory,corporate finance is an important research field,and debt financing is a crucial form of the ways of corporate finance.At present,China's market economy and the development of the financial system is still less developed than themin developed countries.Compared with other ways' of financing,bank loans are still very important for enterprises.The financial accounting information of enterprises is indispensable in business transactions between banks and enterprises,and to companies under different financial constrained condition,the degree of demand for funds and the external financing environment must differ from each other.So this paper based on the perspective of financing constraints,studied the effect of accounting information transparency on company's debt,which has important practical significance.Meanwhile,monetary policy is an important measure for government intervention and regulation of macro economy.Changes in monetary policy will affect the economic growth rate at the macro level,decision making of company,shareholders and creditors at the micro level.So during the discussion of the effect of accounting information transparency on debt financing,taking monetary policyinto consideration is appropriate.This paper taking 2007 to 2015 listed companies in Shanghai and Shenzhen A sharesas the research sample,using panel and building a dynamic panel modelthrough empirical analysis found that1.The accounting information transparency of financing constrained companies is lower,which means these companies have a "whitewash" financial information behavior;and further study found that a "whitewash" financial information can help companies to obtain loans to a certain extent.2.The phenomenon in conclusion 1 in the sample group of much more financing constrained companiesis more obvious.In another word,the more companies being financially constrained,the more likely they try to get loan through a "whitewash" financial information way.3.In the period of tightening monetary policy,companies with higher transparency of accounting information obtain more loans.Based on the conclusions,this paper makes the following recommendations1.Although the enterprise has obtained loans,to the creditor banks,it increases the risk of bad debts as a creditor bank.So the bank shall do the due diligence,acquire real information to identify the borrower,avoid being fooled by the debtor"whitewash" financial information,which can help banks won't take unnecessary risks.For investors,this behavior of listed companies is likely to increase their lack of solvency risk,damaging the interests of investors.The regulatory authorities should continue to strengthen and perfect the system of information disclosure of listed companies,and from the external audit and internal control of the two aspects take measures to make sure both financial and non-financial information disclosedby listed companies can be real and effective.The related departments also shallspeed up the reform of state-owned enterprises,attract private capital to enter and create a market-oriented operating environment to allow the market mechanism to configure credit resources rather than interfere seriously as a result of financing constraints.2.The listed company should be clear that the advantages outweigh the disadvantages of accounting information transparency,and efforts should be made to improve the transparency of accounting information,make the financial statements reflect the appropriate information in order to reduce the degree of information asymmetry.3.Speed up the deepening reform of state-owned enterprises,only when the market of each industry is more and moremarket oriented,the market mechanism can play an important role of resource allocation and make the allocation more efficient in the credit market.4.Although during the tightening of monetary policy,banks did try to identifythe real information of debtors,but during non-tighteningmonetary policy,banks should not relax.They shall strive to do their work,identify the true financial information,minimize the implicit credit risk,which can not only reduce the risk of the banking business,but alsoincrease the company's accounting information transparency,which is conducive to the healthy development of a general increase in operating companies and protect the legitimate rights and interests of investors.Besides,it also has important practical significance to the prevention of financial risk in China.