Proceedings of the 4th International Conference on Internet Finance and Digital Economy (ICIFDE 2024)

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Information Transparency and Financial Flexibility: Empirical Analysis Based on the Dual Perspectives of Digital Transformation and Financing Constraints

Authors
Haoning Luo1, *
1School of Economics and Management, Beijing Jiaotong University, Beijing, 100044, China
*Corresponding author. Email: ninglhn@qq.com
Corresponding Author
Haoning Luo
Available Online 14 October 2024.
DOI
10.2991/978-94-6463-534-8_12How to use a DOI?
Keywords
Information Transparency; Financial Flexibility; Pecking Order Theory
Abstract

In the fierce competition of the capital market, one of the crucial elements for enterprises to achieve sustainable growth lies in ensuring the reliability and stability of funding supply, which constitutes an indispensable foundation. This paper empirically examines the relationship between corporate information transparency and financial flexibility using a sample of listed A-share companies in Shenzhen and Shanghai Stock Exchanges from 2009 to 2023. The study finds that information transparency reduces firms’ financial flexibility reserves and its mechanism of action is to alleviate financing constraints. By focusing on information transparency as a corporate governance indicator, this paper offers a fresh perspective on the research of corporate financial flexibility and broadens the scope of studies on information transparency in terms of corporate behaviors and other aspects.

Copyright
© 2024 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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Volume Title
Proceedings of the 4th International Conference on Internet Finance and Digital Economy (ICIFDE 2024)
Series
Advances in Economics, Business and Management Research
Publication Date
14 October 2024
ISBN
978-94-6463-534-8
ISSN
2352-5428
DOI
10.2991/978-94-6463-534-8_12How to use a DOI?
Copyright
© 2024 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

Cite this article

risenwbib
TY  - CONF
AU  - Haoning Luo
PY  - 2024
DA  - 2024/10/14
TI  - Information Transparency and Financial Flexibility: Empirical Analysis Based on the Dual Perspectives of Digital Transformation and Financing Constraints
BT  - Proceedings of the 4th International Conference on Internet Finance and Digital Economy (ICIFDE 2024)
PB  - Atlantis Press
SP  - 126
EP  - 134
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6463-534-8_12
DO  - 10.2991/978-94-6463-534-8_12
ID  - Luo2024
ER  -