The Research Of Bank Lending Of China Private Enterprises

With the continuous development of private economy, private enterprises in the development of the national economy has played a more and more important role, at the completion of urban fixed investment, absorbing employment and tax aspects of contribution. But is still faced with the plight of external financing of private enterprises, and listed private enterprises accounted for the proportion of all private enterprises in China less than1%, that is almost all external financing of private enterprises have to indirect financing channels.Especially from the point of non-financial-sector debt financing in our country, bank loans accounted for the proportion of debt financing is as high as98%, relieve the external financing difficulties of private enterprises, need specific analysis of the enterprise itself factors, also need to consider money supply-side constraints.China is in a transition of economic system, in the past traces of planned economy color is still strong.Enterprise management of the external system environment, and makes the enterprise no matter from the perspective of their own and external environment, difficult to get bank credit.However, currently, more and more domestic and foreign scholars in the "law and finance theory is used to explain the financial development of national differences, national property rights protection status and inhibition of the government’s administrative intervention, and the likely impact of corporate finance.Based on carding domestic and foreign law and the financial development, law and enterprise property rights protection and law and corporate financing and so on various aspects, on the basis of research, combined with China’s national conditions, based on China’s unique institutional environment, respectively being good laws to limit the government’s administrative intervention, promote the financial development and the protection of private enterprises to explore the law of property rights on the relationship between the enterprise financing, test the micro level of law to the difficulty of the private enterprises to obtain bank loans and loan time limit the role of two aspects.Contribution of this paper is mainly manifested in that in such a transitional economy in China, only starting from the private economy, law and finance theory for enterprise financing provides new evidence, at the same time different from most previous research of our country, this paper studies from one country system, the law has better consistency, so that the empirical results with higher reliability.In this paper, the first part of the law and finance theory at home and abroad research on all aspects of the comb.Different legal origins for a country’s different social and economic results and the financial development level has a different effect, this is mainly embodied in the legal protection for investors and creditors, protection level, the better, more developed financial markets.Later scholars study the legal ways to influence the financial development, found that the execution of the law has the important influence. And laws of the government’s intervention can effectively restrain and protection of enterprise’s property rights.The role of government in economic activity in the fuzzy, especially law to low levels of countries and regions, the government intervention is serious, in the field of financial performance for intervention in bank lending decisions, and good law can standardize government’s behavior to reduce the invalid intervention.In micro level law and corporate financing ability and the research on law and bank loans, found that the legal system can through the credit market influence financial resources configuration and function in enterprise’s financing needs and financing costs.Then, in this paper, the financing status of China’s private enterprises are analyzed.After analyzing that private enterprises are difficult to obtain external finance both has its problems, such as the fact information asymmetry, enterprise oneself actual strength is weak and so on, also have the restriction of external factors, such as the lag of China’s financial system, corporation ownership discrimination.Based on the literature review and the system of private enterprises are faced with the external constraints, analyzed how to law environment to promote private enterprise loans, respectively is a good legal system could limit the government’s intervention behavior, the government withdrew from the market, and make the bank in accordance with the rules of market operation, measured their enterprise risk, so as to make the corporation has a better living environment, have more bank loans.According to above analysis, the paper then puts forward the research hypothesis and empirical test.Research results show that the local government’s intervention to reduce and the improvement of legal environment conduce to get bank loans, private enterprises and the improvement of legal environment can be gained by reducing government intervention, long-term loans.The improvement of legal environment, there is no significant relationship with the enterprise long-term loans.This paper also investigated under different levels of financial development loans to the private enterprise problems, found that financial development does not help businesses get bank loans, the legal environment and reduce government intervention still conducive to enterprise to obtain loans.This can also further shows that the higher the level of financial liberalization, for enterprise loan risk the higher the sensitivity, lending is also more cautious.The last part of this article also analyzed, the importance of private enterprise needs a good external environment.In the process of economic transition in China, the law is sure to play an increasingly important role.Law can not only constraint the participation main body the behavior of the market economy can effectively define the government’s right border, reduce government intervention, safeguard the legal status of private economy composition at the same time., therefore, to solve the problem of financing difficulties of private enterprises in our country must speed up our country’s judicial reform, improve the effectiveness of the judicial system and executive ability, to create a good market environment can not only protect the rights and interests of private enterprises from the government, but also to use legal means to effectively solve the fact that may have caused the debt contract disputes between;Second, reduce government intervention, the use of the law defines the boundary of the power of the government, and regulate government behavior;Finally, by the judicial practice, by state-owned enterprises and private enterprises have equal legal status and recognition, to avoid discrimination law.Epilogue part are analyzed in this paper, problems of the research, and it is in this paper, we study the data is too old, only by2007, it is also because after the2008financial crisis, domestic enterprises are faced with the policy environment suffered a huge change;Second, legal environment indicators need to be further deepened.Is the direction of further research, I believe in the subsequent research can draw more significant results, further create external environment conducive to the development of private enterprise survival.