| Enterprise financing constraint problem based on MM theory assumes that: under the condition of complete capital market, companies use capital depends only on the product preference has nothing to do with the source of capital.In the real world, however, there can be no complete capital market, due to the existence of information asymmetry and transaction cost, corporate use of internal and external cost of capital is a "premium", when the demand for capital actual capacity beyond the enterprise funds, enterprise will face financing constraints problem.Will lead to serious financing constraints enterprise capital chain rupture, causing the enterprise investment and business crisis, restricting enterprise expand reproduction, reduce product market share, inhibition of technology innovation, weaken the core competitiveness, threat to enterprise to survive and grow, and even against the entrepreneurship and innovation of the whole society, slow and even endanger the whole entity economy development process.In view of the integrity of corporate financing constraints can pose serious macroeconomic consequences, so the research on the causes and solution of exploration has been academia and managers on hot issues of mutual interest.But traditional theoretical research perspective most concentrated in the enterprise itself factors conditions or enterprise financing decision choice and implementation of financing activities on the micro level discussion, less focus on enterprise system of the external environment factors.However, our country is in the all-round economic and social transition period, the transformation is to change, change means of system constantly change and improve and move closer to equilibrium direction.When the system is in a non market equilibrium play will be subjiect to constraints, the result is the transaction cost of economic activities in the system of more is the institutional cost necessarily contains, enterprises must pay more financing from external financing costs, corporate financing ability is restrained, the enterprise financing scale and efficiency depends largely on the institutional factors.It is also for a long time the universality of Chinese enterprises, especially small and medium-sized enterprises in financing difficulties, and financing your is the fundamental reason for difficulties in financing constraints.Institutional change and institutional choice and performance can affect economic growth way, different institutional arrangements differentiate transaction costs, in turn, affects the economic strategy and the enterprise behavior choice, result in different economic behavior and performance.Therefore, in the same conditions, the other by increasing the system supply or carry out institutional innovation can reduce transaction cost, realize the pareto improvement.On this basis, this paper based on the system and the corporate finance theory, to the enterprise financing constraint mechanism of the effect of institutional factors in the qualitative and quantitative analysis, put forward system through the secondary transmission mechanism leads to the formation of a corporate financing constraints.At the same time, the five key institutional factors:the marketization process (Mar), government intervention (Gov), financial markets (Fin), the rule of Law (Law), product market environment (Com) in economics logic and the influence degree of financing constraints on dynamic analysis of the use of mathematical logic calculation and field survey research method empirically institutional factors the influence mechanism of financing constraints.On empirical methods, one is for listed companies to build appropriate index reflects the institutional factors development model, drawing on Fan Gang's Chinese marketization index results related to the study of data, on the basis of Euler equation investment model to build institutional factors and enterprise financing constraint relations theory model, select the relevant financial data of Shanghai and Shenzhen A shares of listed companies is composed of dynamic panel data as sample, using SYS-GMM estimation method, from the perspective of relationship between enterprise investment-cash flow sensitivity for regression analysis.The operation results show that the overall marketing process (Mar), financial market development degree (Fin), the rule of Law environment development (Law) and the product market development degree (Com) can reduce corporate financing constraints, government intervention (Gov) will increase the enterprise financing constraints, different institutional factors affect degree dissimilarity, regression results support the domestic some scholars research conclusion.The two is to deal with the financing constraints on non-listed companies relatively serious groups, micro, small and medium enterprises financing status field investigation, further investigation and analysis of the above five kinds of institutional factors in micro, small and medium enterprises financing constraint mechanism and the influence of the substance.Empirical results show that two kinds of institutional factors plays an important role in listed companies and the formation of micro, small and medium enterprises financing constraints, in the comprehensive qualitative and quantitative analysis of the results of institutional factors that affect corporate financing constraints mechanism conclusion:(1) Under the background of the transformation in China, the institutional framework determines the financial resources allocation methods, structure and efficiency, which influence enterprise financing strategy choice, financing behavior and mode of operation, the final decision enterprise capital financing ability and performance.(2) In the process of transformation in our country, the enterprise to increase access to external financing difficulties, integrity of financing constraint problem, in many of the relevant internal and external factors, institutional factors is the dominant factor, is the enterprise financing constraints fundamental logical necessity.(3)Different institutional factors affect degree of financing constraints, the marketization process, financial markets, the rule of law environment, product market to reduce enterprise financing constraints;Government intervention to increase the degree of financing constraints.Based on the above research results, this paper put forward from the source to reduce the policy suggestions of financing constraints:(1) To ease the financing constraints of an enterprise lies in institutional innovation.Our country enterprise financing constraints is root system reason, implement effective system supply and improve the system is to build a reasonable market game rule, optimize social financial resource allocation structure and direction, minimize the premise of enterprise financing costs.(2) Reduce government intervention to release the market itself.Government behavior excessive killing the market mechanism of optimizing the allocation of resources, kinetic energy, passion and enthusiasm inhibit enterprise organization and digest the financial resources, standardize the government behavior is not the same as soon as possible.(3) Return to the origin of financial service the real economy and aim.Enterprise financing constraints is aggravating and excessive financial innovation and unrestrained self-development from closely related to the service tenet, return to financial primitive function is the top priority.(4) Build benign financial ecology improve enterprise's financing ability.To strengthen the construction of health and the dynamic balance of financial ecosystem, operating cash flows smoothly linking to link, social financial resources to barrier-free flow to the enterprise capital demand, eventually relieve financing constraints. |
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