Research On The Influence Of Enterprise Accounting Information Disclosure Quality On Debt Financing Cost

Debt financing has become one of the primary methods for enterprises to raise funds due to the fast financing speed and other reasons.Therefore,how to effectively reduce the high cost of debt financing has become a common concern of enterprises and academia.Existing studies have found that financing costs will rise due to the information asymmetry between enterprises and creditors,but when enterprises disclose accounting information with high quality,their costs can be significantly reduced,thus enabling enterprises to conduct financing efficiently.On the other hand,many scholars at home and abroad believe that the stockholding behavior of institutional investors can also have an impact on corporate debt financing,but the conclusions have not yet been unified.Therefore,it is worth studying in detail what effect institutional investors’ shareholding has on the connection in the quality of accounting information disclosure and the cost of debt financing.This paper takes the perspective of institutional investors’ shareholding as the starting point,and selects 10189 sets of data from China’s A-share listed companies from 2014 to 2021 to conduct empirical research.First,it discusses the impact of institutional shareholding on the connection in high-quality accounting information disclosure and debt financing costs.Secondly,discuss in groups according to the nature of property rights,and then conduct classified discussions according to the different purposes of the holding institutions.It is found that:(1)high-quality accounting information disclosure has a significant effect on reducing the cost of debt financing of enterprises.(2)The higher the shareholding ratio of institutional investors,the weaker the effect of high-quality accounting information disclosure on reducing debt financing costs,that is,institutional investors weaken the negative correlation between the two.(3)In the non-state-owned enterprises,the negative adjustment effect of institutional investors on the relationship between the two is more significant.(4)the negative adjustment effect of the stable institutional investors is better than that of the transactional institutional investors.Based on the research results,the thesis provide corresponding suggestions to enterprises,creditors,institutional investors and the administration from the three levels of enterprises,society and government to solve the problem of excessive debt financing costs,improve the quality of accounting information disclosure,and avoid creditors Unnecessary losses,strengthening the government’s supervisory role,etc.