Institutional Shareholding,Quality Of Information Disclosure And Debt Financing

In recent years,China’s institutional investors have developed rapidly,and their shareholdings have continued to expand,and their role in the capital market has become increasingly important.Under the support and guidance of the state,various institutional investors have flourished,forming a diversified development pattern including fund companies,securities companies,QFII,insurance companies,trust companies,social security funds and financial companies.As institutional investors grow and develop,their motivations and roles in corporate governance will become more pronounced.Because institutional investors have stronger information gathering capabilities than individual investors,larger capital scales,and a more professional operating team,this allows institutional investors to not only influence the overall resource allocation of the capital market,but also to be a supervisory role,it affects the corporate governance of the enterprise,which in turn helps to improve the internal and external environment of the enterprise,urges the enterprise to improve the quality of information disclosure,and also affects the behavior of the management,including affecting debt financing decisions.Debt financing has always been the main source of external financing,and the relationship between information disclosure quality and debt financing has always been a hot issue in academics.The information asymmetry between creditors and enterprises is the main factor of corporate debt financing constraints,and high-quality information disclosure plays an important role in relieving such financing constraints.In recent years,no matter whether it is external supervision pressure or the company’s own needs,Chinese enterprises continue to strengthen their information disclosure level.By improving the quality of quality information disclosure,enterprises can help creditors fully understand the business and financial status of enterprises,reduce the cost of information collection and agency supervision,thus making it easier for enterprises to alleviate financing constraints,increase financing scale,optimize financing structure and reduce financing costs.In the current economic background of China,this paper takes SZSE A-share main board listed company as the research object,and on the basis of discussing the impact of information disclosure quality on debt financing,introduces institutional shareholding,and theoretically analyzes the influence of institutional shareholding on debt financing.And the impact of institutional holdings on the relationship between information disclosure quality and debt financing.Then through the establishment of regression model to empirically test the above problems,it is found that the improvement of the quality of information disclosure will help improve the debt financing ability of enterprises;when institutional investors have a high proportion of shares,they will also participate in corporate governance.Debt financing has a positive impact;institutional holdings can replace the impact of information disclosure quality on the size and duration of debt financing,with a substitution effect.Finally,based on the results of the research,the corresponding policy recommendations are proposed.