| In order to invest in high-yield projects to achieve better development,companies need to obtain the necessary funds from the outside,but from the external access to the higher cost of funds and credit rationing and other issues,it is difficult to meet the needs of enterprise development funds,Which leads to the problem of financing constraints.As a large country in developing countries,the large number of enterprises in China,the difficulty of obtaining funds to restrict the development of all aspects of the enterprise,also restricts China’s economic restructuring and upgrading,has been very concerned about the community.The study of bank relevance has also become a hot topic in academic research.The establishment of bank associations through the resource effects and information effects to the enterprise to bring a lot of hidden benefits,such as making it easier for enterprises to get more loans.The quality of accounting information has great influence on the external funds.The principle of accounting conservatism is one of the important characteristics of accounting information quality.It is necessary to prevent the raising of assets and income,reduce the liabilities and losses,and effectively guarantee the quality of financial information and the interests of external investors,enterprises have a positive role in attracting external investment.This paper adopts the research method of literature review and empirical analysis.First of all,the domestic and foreign related research,theoretically the use of principal-agent theory,information asymmetry theory,relationship financing theory,accounting conservatism and bank association to ease the financing mechanism of the mechanism of the analysis.Then,the author makes an empirical analysis on the effectiveness of the two governance mechanisms by using the enterprises that are listed on the Shanghai and Shenzhen A shares continuously from 2011 to 2015.First,the empirical analysis is made on the effectiveness of the financial conservatism to ease the financing constraints.Secondly,it is an empirical analysis of the effectiveness of the bank to ease the financing constraints.Thirdly,the empirical analysis of the joint effect of accounting conservatism and bank association is carried out to explore how the two roles are optimized to alleviate the financing of enterprises.Finally,it summarizes the main conclusions of this paper,and provides the data support and rationalization suggestions for the effective breakthrough of financing constraints in our country.The findings include:(1)In general,the level of accounting conservatism of listed companies in China is still very low and the difference is quite large.There are widespread bank-related phenomena in China’s market,and the financing constraints are prevalent.(2)high level of accounting conservatism and the establishment of bank associations can reduce the difficulty of corporate finance;but by contrast,accounting conservatism in mitigating the role of financial constraints is more significant,that is,the improvement of accounting conservatism is always ease An Important Governance Mechanism for Enterprises to Mitigate Financing Constraints.(3)accounting conservatism and bank correlation two governance mechanisms in the mitigation of financial constraints to promote each other,mainly show complementary role.Based on the above conclusions,this paper proposes the following suggestions:For the external environment,on the one hand,it is necessary to strengthen the supervisory role of regulatory authorities and accounting firms and other institutions to supervise the quality of enterprise accounting information,and to guide enterprises to improve their accounting conservatism.On the other hand,they should also improve the specialization level of external investors.The company should take the initiative to the enterprise to improve the accounting stability of the requirements of the existence of financing difficulties of enterprises,should be based on their own conditions to actively improve the level of soundness,optimize the quality of accounting information,while maintaining high accounting conservatism,the establishment of banks Relevance to optimize the problem of corporate finance constraints. |
