信息披露、市场关注与融资约束

Disclosure,Analyst Following and Financial Constraint

本文运用中国证券市场的实证数据,研究了信息披露水平、市场关注程度对企业融资约束的影响。本文的理论分析表明,主动信息披露是解决信息不对称的有效方式,并且,市场关注程度对企业的融资约束也有影响,市场对企业越关注,越有利于企业私有信息的挖掘和公开信息的传播,进一步会减轻企业与市场的信息不对称问题。实证结果支持了上述理论:信息披露水平和以分析师为代表的市场关注程度提高能显著降低企业的融资约束。

This paper,using data from china listed companies,researches the impact that disclosure and analyst following on financial constraint.Our paper shows that increasing disclosures and increasing analyst followings will release financial constraint.Empirical results support our hypothesis.Disclosures can release financial constraint;we also find that analyst followings can release financial constraint too.