Financial Development Relieves The Financing Constraint Of Small And Medium-sized Enterprises

China's small and medium-sized enterprises play a major role in promoting scientific and technological innovation and creating jobs in the economic growth,but they are also facing serious financing constraint problem,and the causes of financing constraints is different from the traditional information asymmetry theory.Financing constraint problem has always been a hot spot problem in company financial sector,because it determines the whole sustainable development of the company.With the reform and opening up,China's financial system has made considerable development,in the process,external financing environment faced by firms also profound changes have taken place.In this background,this paper examines the financial development affects the mechanism of financing constraints,and carries on the empirical research on the basis of the theory,further to distinguish between the financial development scale expansion and structural optimization respectively to alleviate the impact of the financing constraints,but also to compare the effects on their own.Based on the data of small and medium-sized board listed companies from 2010 to 2014,and through the cash-cash flow sensitivity financial development,this paper investigate the two aspects respectively on the impact of financing constraints.The research's results show that the financial structure and the real economy is not appropriate to the circumstances,the expansion of the total financial development in our country is not such as to alleviate the impact of the financing constraint structure optimization,and when discussing the financial structure optimization,the banking industry structure of small and medium-sized Banks development driven optimization effect more apparent.These results can be further to deepen the financial reform in China,the development of small and medium-sized enterprises to provide policy recommendations.