Industry Specialization Analysts Following and Financing Constrains
Based on the date of China’s A-Share listed corporations from 2007 to 2009,This paper examines the effect of auditor industry specialization and analysts following on financing constrains.The results are as follows: (1) as two types of information conduct mechanism,after controlling other variables,both auditor industry specialization and analysts following can relieve firmsfinancing constrains;(2) compare to firms with more analysts following,the effect of auditor industry specialization on the mitigation of financing constrains is much more significant in firms with less analysts following.This indicates that developing securities analyst industry with great efforts and actively cultivating the industry specialization of auditors contribute to improving the transparency of capital market information,thus to promote the capital market’s development towards a more healthy way.
auditor industry specialization analysts following information asymmetry financing constrains
Henggao Tang Taoying Peng
Business Administration School Hunan University Changsha, China
国际会议
成都
英文
1520-1525
2012-06-15（万方平台首次上网日期，不代表论文的发表时间）