Effects of Information Asymmetry on Listed Companies'' Debt Financing: Evidence from China

摘要

According to the pecking order theory, among the company''s external financing channels, debt financing should be selected firstly. Based on financial market microstructure measuring method of information asymmetry and Fama- MacBeth regression technology, the study finds that Chinese listed companies'' ratio of debt increases with information asymmetry. When listed companies'' financial deficit is higher, the positive relationship between debt ratio and information asymmetry is significant.