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本文以2009年至2014年期间的非金融上市公司为样本,将财务信息披露质量、融资约束与投资不足纳入同一研究框架进行实证研究,发现,上市公司财务信息披露质量的提高能降低融资约束,财务信息披露质量与融资约束负相关;同时,企业面临的融资约束程度越高,投资不足问题越严重;而财务信息披露质量的提高能降低融资约束对投资不足的影响。
This paper takes the non-financial listed companies from 2009 to 2014 as a sample, conducts empirical research on the quality of financial information disclosure, financial constraints and underinvestment in the same research framework and finds that the improvement of financial information disclosure of listed companies can reduce the financing constraints, The quality of financial information disclosure is negatively correlated with the financing constraints; meanwhile, the higher the financial constraints the enterprises are facing, the more the problems of underinvestment are more serious; and the improvement of the quality of financial information disclosure can reduce the impact of financing constraints on the underinvestment.