The Relationship Between Financial Development And Financing

Since the reform and opening up,the continuous improvement of the level of financial development in China,but because of the special institutional background in China,comparing with the non state-owned enterprises and small and medium-sized enterprises,state-owned enterprises and large enterprises in government support occupy obvious advantages can get more bank loans,which makes them the degree of financing constraints exist obvious differences,the state-owned enterprises and large enterprises financing constraints to a lesser extent,non state-owned enterprises and small and medium-sized enterprises by the financing constraint problem is quite serious.This paper is to study whether the financial development can ease the financing constraints of enterprises,as well as the financial development of non state-owned SMEs and large enterprises in the financing constraints of whether there is a difference.This paper first proposed financing constraints and financial development theory,and then analysis the current situation of the financing of enterprises in our country,our country enterprise that there are different degree of financing constraints;and analysis of the status quo of China's financial development,obtained in various regions of our country's financial development degree is relatively stable.At the same time,the level of financial development in our country exist regional differences.Referring to Almeida(2004)analysis of the method,model sensitivity to 2008-2014 China's Shanghai and Shenzhen listed company conducted an empirical study on the cash cash flow,in order to examine the degree of our country enterprise financing constraints,and financial development of enterprise financing constraints of mitigative effect.Through the empirical analysis concluded that China's listed companies financing constraints are common,the non state owned listed companies face financing constraints is larger than that of the state-owned enterprises,small scale of the listed company faces is financing constraints is larger than the mass of listed companies;at the same time,the large-scale non state-owned listed companies,large state-owned listed companies,small scale of state-owned listed companies,small scale non state-owned listed companies face financing constraints problem in turn enhanced.At the same time,we find that financial development can alleviate the financing constraints of listing Corporation in China.Compared with state-owned enterprises,financial development of non state owned enterprises financing constraints relief degree is more obvious than large listed company,financial development to the small scale of the listed company's financing constraints relief degree is more obvious.Financial development of non small scale state-owned enterprise financing constraints of the most obvious alleviating effect,followed by of large-scale non state-owned listed companies financing constraints ease,again relieving of the small scale of state-owned listed companies,the large-scale state-owned listed companies is played no role in easing.The study of financial development of different factors to ease the financing constraints found,in China's current situation,financial intermediary market and the stock market are to enterprise's financing constraints with ease and financial intermediary development of financing constraints mitigation effect to greater than the stock market for financing constraints role in mitigation.Finally,we put forward the research conclusion of this paper,put forward the reform of the stock market,accelerate the reform of state-owned banks,and encourage the development of various types of financial institutions and other relevant policy recommendations.