Research On Financial Ecological Environment, Internal Capital Markets And Corporate Financial Constraint Relations

In recent years, under the big background of global economic integration,Enterprise group members exchange resource with each other,So that the internal capital market. formed. In China, due to the late start of the market economy and constrained by policies, institutions, and shortage of external financing pathway greatly restricted the company's financing capacity, and therefore, they are more motivated conglomerates formed by building internal capital market to solve business financing problem. The affection of the internal capital market for financing constraints of corporate have become an important research topic. However, there are few papers in combination with the external environment of the group enterprises.This article selects 2010-2014 Shanghai and Shenzhen A shares of listing Corporation as research sample, firstly, it verifies the mitigation effect of internal capital market on corporate financing constraints, secondly researching the positive effects of the external financial environment on the mitigation of corporate financing constraints.Then analysis as the enterprise group in the external financial ecological environment gradually improving,the internal capital market for corporate financing constraints relief will be replaced or promoted. Finally, in view of the cause of property heterogeneity research on the capital allocation process.The results show:(1) Enterprise group's internal capital market can play a role in reducing the cash flow sensitivity of enterprise investment, and ease the financing constraints of enterprises.(2) Improving the overall financial environment for enterprises can ease the financing constraints of enterprises.(3)The mitigation effect of the internal capital market of enterprise group on the financing constraints of enterprises is weakened with the improvement of the financial ecological environment. In the sub-study of the nature of property,the private Group internal capital market is more significant role to alleviate financial constraints as compared to state-owned enterprises. Improve the financial environment regardless of the state-owned or private enterprises toease financial constraints have a significant positive impact.