The Effect Of Financing Constraints On Firm Performance Based On The Nature Of Ownership And Scale

In recent years,the research on the theory of capital structure and the the ory of corporate investment and financing further deepen.In the field of financi al research,the literature on the impact of financing constraints on corporate p erformance has become more and more abundant,and it is becoming a hot iss ue in this field.Because the capital market is not perfect,and the cost of fina ncial distress,asymmetric information and principal-agent and other factors,in t he face of capital requirements,the internal and external financing costs have obvious differences,which directly results in the financing constraints.In the c ountry's overall economic downturn,the degree of financing constraints faced b y different enterprises have a greater difference,there are significant differences in financing channels and ways.According to the pecking order theory,the u se of internal funds is often considered first,followed by the consideration of debt financing,the consideration of equity financing is the last,the cost is diff erent between the three financing.When facing financing constraints,enterprise s to expand business and overseas investment will have great influence on the development of the whole enterprise,which is very unfavorable to enterprises,so it is very necessary to study the impact of financing constraints on business performance.On the basis of consulting the literature and drawing lessons from previou s research ideas,based on the sample of Listed Companies in Shanghai and S henzhen A shares listed in 2008-2015,this paper focuses on the impact of fina ncing constraints on business performance,at the same time,in order to unders tand from a deeper level,the two factors of the nature and scale of enterprise ownership are added into the model.The ownership system is divided into stat e-owned and private,set to 0,1 variables.Exploring moderating effect of the t wo factors on the influence of the degree of financing constraints on firm perf ormance.Through empirical study,we find that there is a positive correlation b etween the degree of financing constraints and corporate performance.The degre e of financing constraints of state-owned enterprises is smaller than that of pri vate enterprises in general,which indicates that the special status of state-owne d enterprises in China determines that the government will give its fund and p olicy support.After adding the two moderating variables,the results show that t he intensity of financing constraints on the performance of non state owned en terprises is greater than that of the state-owned enterprises,the smaller the size of the enterprise,the greater the degree of financing constraints on corporate performance.In order to make the conclusion more reliable,this paper makes a robustness analysis on the basis of the original model,which replaces the im portant degree of financing constraint.The conclusion is consistent with the orig inal model,hypothesis 4 is enhanced and the reliability of the model is tested.Then,based on the results of the empirical study,the paper further analyzes t he deep reasons and puts forward relevant policy recommendations.Finally,thi s paper points out the shortcomings of this study and prospects the future rese arch!...