Empirical Analysis Of Financing Constraint And Accounting Conservatism On Enterprise Value Based Or Empirical Evidence Of A-Share Listed Companies

The enterprises in the incomplete capital market were those that restricted by financing constraints.Facing the volatile capital market,enhancing corporate value is the key that enterprise is able to be sustained and rapid development.Accounting robustness has always been concerned,it is not only one of the important principles of enterprise accounting treatment,but also an important indicator to measure the quality of enterprise accounting information.Can the influence of accounting robustness on financing constraints be transmitted thereby reducing the negative effect of financing constraints on corporate value?Combined with the real economic situation of Chinese enterprises at present,first of all profoundly explained the mechanism of action among financing constraint,enterprise value and accounting conservatism.On the one hand,accounting conservatism can reduce the degree of information asymmetry,avoid the principal-agent conflict and avoid the situation that enterprises are forced to abandon potentially profitable investment projects,increase potential investment opportunities of enterprises,ease financing constraints and help enterprises seize development.On the other hand,accounting conservatism can also improve investors' risk acceptance.Investors can bear higher risks after understanding the real business situation of the company,provide more financial support when investing in high-risk and high-yield projects,ease corporate financing constraints and enhance corporate value.Then,established the enterprise value correlation model under the joint effect of financing constraints and accounting conservatism.Then,selected Shanghai and Shenzhen A shares in 2014-2018 as the research sample.Extracted and integrated the relevant financial data,empirical analysis of relevant models.Accounting conservatism can reduce the negative effect of financing constraint on enterprise value.The more obvious accounting conservatism is,the lower the restriction effect of financing constraint on enterprise value is,and the higher enterprise value is.