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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 firms’ financing 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.