The Influencing Factors Of Financing Constraint And The Relevance Of Enterprise Value

As the reality of the capital market is not perfect,China's business investors face information asymmetry,principal-agent and many other issues,making the external financing costs and internal financing costs there is a disparity between the differences,resulting in financing constraints appear.Enterprise value is uniform,market-oriented,highlighting the characteristics of income,is the enterprise's time,risk and the value of development reflected.In essence,the value of the enterprise is not fixed in revealing the pre-business and current business conditions,but also shows a future expectations.This study is from the perspective of financing environment and corporate finance constraints,focusing on the impact of the two on the value of the enterprise in the mechanism of research.By combing the research literature at home and abroad,the concept of financing constraint and value is defined,and the measurement and evaluation methods of the two are further summarized,which lays the theoretical foundation for the model construction.Comprehensive examination can reflect the indicators of financing constraints of listed companies,select the flow ratio,asset-liability ratio,enterprise size,return on net assets as explanatory variables.By using Logistic regression method,this paper chooses the financing constraint as an explanatory variable to analyze the value of the company,taking into account the asset-liability ratio,the firm's scale,the net asset growth rate,the sales gross profit rate and the earnings per share as the control variables.This paper chooses the listed company's data,The parameters of the model estimation and testing,empirical financing constraints on the financing capacity of listed companies and constraints.At the same time,referring to the theory and method of evaluating the enterprise value at home and abroad,the panel regression model between the financing constraint and the enterprise value is constructed to study the influence of the financing constraint on the enterprise value.Combined with the results of empirical analysis and domestic and foreign research in related fields,from the mitigation of financial constraints and enhance the value of the two companies put forward policy recommendations.