Research On The Impact Of Corporate Information Disclosure Quality On Financing Constraints Of New Energy Listed Companies Based On Annual Report Text Minin

In May 2022,the Notice on the Implementation Plan for Promoting the Highquality Development of New Energy in the New Era proposed to give full play to the ecological and environmental protection benefits of new energy and support and guide the healthy and orderly development of the new energy industry.The healthy and orderly development of the new energy industry cannot be separated from a large amount of financial support,so how to alleviate the financing constraints of new energy enterprises is crucial.In this regard,this paper collects the annual reports of new energy listed companies in the past ten years,calculates the indicators of information disclosure quality and financing constraint level of new energy listed companies from 2012 to2021 through text mining method from the perspective of text information.Based on the analysis of financing constraints and information disclosure status of new energy listed companies,this paper studies the impact and mechanism of information disclosure quality of new energy listed companies on financing constraints,And put forward relevant suggestions according to the conclusions.The main conclusions of this paper are as follows:(1)Improving the quality of information disclosure can effectively alleviate the financing constraints of new energy listed companies;(2)The mitigation effect of information disclosure quality on financing constraints of new energy listed companies is more obvious in new energy listed companies with low analyst attention,high proportion of intangible assets and high proportion of R&D investment;(3)The quality of information disclosure of new energy listed companies alleviates financing constraints by reducing the level of information asymmetry and agency costs.This paper makes up for the deficiency of previous research on enterprise information disclosure and financing constraints,measures the quality of information disclosure and financing constraints of new energy listed companies from the perspective of text information,proves that improving the quality of information disclosure helps to reduce the level of financing constraints of new energy listed companies,and on this basis,probes into its mechanism,and provides a new reference perspective for the research on enterprise information disclosure and financing constraints.