The Impact Of Financial Development On Small And Medium Enterprises Financial Constraints

There for a long time,scholars at home and abroad for small and medium enterprises financing constraints from the enterprise scale,the main reasons why their intrinsic characteristics such as the liabilities.As the role of financial development in social economy development increasingly highlight,the scholars in the study of small and medium-sized enterprise financing constraints,on the basis of dynamic change,more and more attention to financial development is an important variable,the relationship between the two are classified into the two ideas:one is the financial development can slow down the small and medium-sized enterprises financing constraints;Second,the financial development to ease the small and medium-sized enterprise financing constraint problem effect was not significant.Financial development as the core essential factor of modern economic growth,and there is close relationship between small and medium-sized enterprises.In recent years,although the Chinese government in order to effectively solve the problem of small and medium-sized enterprise financing needs,intensify the support to the development of small and medium sized enterprises,financing constraints phenomenon has improved.However,financial development on the slow the financing constraints of small and medium-sized enterprises(smes)whether to have the good effect also need further research.Therefore,this article studies can be more scientific decision-making for small and medium-sized enterprises and financial institutions to provide empirical basis and data support,has a certain theoretical significance and practical significance.To study the problem of small and medium-sized enterprise financing constraints,first comb about financing constraints related literature at home and abroad,and then to the financial development,financing constraints,such as defining the core concepts,and then to the theory of financial development as well as financing constraints related analysis,and under the guidance of the theory of financial development and the relationship between financing constraints and assumptions;Second,using 2008 to 2015 in China's Shanghai and shenzhen sme sector data and relevant financial development data of listed companies,choose cash-cash flow sensitivity model for empirical analysis of financial development for small and medium-sized enterprises financing constraints calming effect,in order to solve the problem of small and medium-sized enterprise financing constraints for the continuous development of small and medium-sized enterprises in our country provide stable funding.In the empirical analysis of the model can see cross variables of financial development and cash flow,financial intermediation development and cross variables,financial market development of cash flow and cash flow cross variable coefficients is negative,to illustrate the role of financial development for small and medium-sized enterprises financing constraints further research should be combined with the significant level.Studies to get the following conclusions:one is the small and medium-sized enterprises in our country is generally influenced by financing constraints,in the model of cash-cash flow sensitivity coefficient is positive,and passed the test of significance;Second,the financial development has significant role to alleviate the financing constraints;Three is the development of the financial institutions for small and medium-sized enterprises financing constraints has significant relief,relief and stock market development is not significant.Finally,according to the empirical analysis conclusion,exploratory put forward to alleviate the current small and medium-sized enterprise financing constraint problem faced by related Suggestions.