Study On The Influence Of Competitive Position,the Quality Of Accounting Information Disclosure And Financing Cost

At present,Chinese enterprises generally have problems of financing difficulties and expensive financing,which have a great impact on the sustainable development of enterprises.There are many reasons for this problem.One factor that cannot be ignored is the higher financing cost of enterprises.Therefore,how to effectively reduce the financing cost of enterprises,improve the operating profit of enterprises,and enhance the vitality of business operations is an important topic in the theoretical field.Around this issue,experts and scholars have conducted research from different angles.The study found that economic structure,financial environment,internal corporate governance and external supervision have a greater impact on corporate financing costs.Accounting information disclosure,as one of the measures of corporate governance,is a bridge for information communication between internal managers and external stakeholders.Improving the quality of accounting information disclosure can help reduce the degree of information asymmetry,improve the transparency of information between investors and managers,and thus reduce the financing constraints on enterprises and reduce the financing costs of enterprises.In addition,under the premise of limited resources,the competition between enterprises is becoming more and more fierce.The competitive position determines the profitability and risk resilience of enterprises,which affects the investor's confidence in the market and the required rate of return.Therefore,in order to effectively reduce the financing cost of enterprises,in addition to studying the important internal governance measures of accounting information disclosure,the influence of the competitive position of enterprises cannot be ignored.Putting these three factors into one framework provides a new solution to reduce the financing cost of enterprises.This paper selected the data samples of all A-share listed companies from 2012 to 2017 as the research object.Firstly,it studies the relationship between the quality of accounting information disclosure and the financing cost of enterprises,and then explores the quality of accounting information disclosure of enterprises in different competitive positions.The relationship between financing costs.The results show that the quality of accounting information disclosure can effectively reduce the equity financing cost,debt financing cost and total financing cost of enterprises;the competitive position of enterprises strengthens the negative correlation between them;the competitive position of enterprises on the quality of accounting information disclosure The strengthening effect of the relationship between equity financing costs is better.In view of the above regression results,in order to effectively reduce the financing cost of enterprises,the paper puts forward three suggestions: China needs to continuously improve the accounting information disclosure system,and enterprises need to increase the R&D expenditure and continuously innovate to improve the competitive position and increase the attention of investors.It is to effectively reduce the financing cost of enterprises and promote the sustainable development of enterprises from the perspectives of enterprises,regulatory authorities and funding sources.