Nature Of Property,accounting Information Quality And Debt Financing Cost

Investors evaluate the risks faced by their investments based on the actual situation of the enterprise's accounting information,and make investment decisions to influence the financing costs.Debt financing is an important part of corporate financing,and the occurrence of financial fraud in China continues to analyze the relationship between the quality of accounting information and the cost of debt financing,and based on the conclusions to promote enterprises to improve the quality of accounting information,there is a certain sense to improve the market.At the same time,based on the special circumstances of our country,state-owned enterprises enjoy preferential treatment,which makes investors reduce the level of attention to the quality of state-owned enterprise accounting information,thus affecting the relationship between accounting information quality and debt financing costs.Based on this,this article uses the company listed on the A-share of the Shenzhen Stock Exchange as a sample,selects financial information and non-financial information for 2012-2016,and uses literature research methods and empirical research methods to analyze the impact of accounting information quality on debt financing costs.And consider the nature of property rights to consider.First of all,this paper reviews and summarizes the domestic and foreign literatures on the relationship between the quality of accounting information and the cost of debt financing and the influence of the nature of property rights on the relationship between the two,and proposes the research route and content of this article.Secondly,it defines the concept of accounting information quality,debt financing cost,and the nature of property rights.It combs the principal-agent theory,information asymmetry theory,and soft budget constraint theory,and analyzes the relationship between the nature of property rights,the quality of accounting information,and the cost of debt financing.And put forward five hypotheses:(1)The quality of accounting information has a negative impact on the cost of debt financing;(2)The nature of property rights has a negative impact on the cost of debt financing;(3)The quality of accounting information has a significant impact on the cost of debt financing of non-state-owned enterprises;(4)The impact of accounting information quality on the cost of debt financing of state-owned enterprises is significant;(5)The nature of state-ownedassets and the quality of accounting information have a substitution effect.The nature of state-owned property rights will reduce the impact of the quality of accounting information on debt financing costs.The conclusions drawn in this paper are consistent with the assumption that companies can achieve the goal of reducing debt financing costs by improving the quality of accounting information.Because state-owned enterprises have “invisible protection”by the government,they still enjoy preferential treatment in terms of financing and are not conducive to fair competition among enterprises.Therefore,they require attention to achieve fair competition.Finally,based on the research results,suggestions and countermeasures are proposed.