The Effect Of Shareholding In Financial Institutions On Financial Constraint

In recent years,with the rapid development of the capital market,more and more enterprises have achieved financial industry distribution by holding financial equities to ease the problem of financing constraints that exist in China's enterprises and achieve diversified operations.Under the background of industrial capital rushing to hold shares in financial companies,this paper mainly uses empirical regression methods with panel data regressions to study the influence of listed companies holding shares of non-listed financial companies on the financing constraints,and further examines under different debt maturity structures,the difference in ease of financing constraints imposed by the underlying non-listed financial companies.The reason why the article is based on the holding of non-listed financial companies is that non-listed financial companies are relatively less regulated than listed financial companies.The further study on the debt maturity structure considers that the debt maturity structure of China's enterprises generally focuses on short-term liabilities.The proportion of long-term debt to total debt is only 14%,which is far below the level of developed countries in Europe and the United States.Therefore,considering different debt maturity structures,The mitigation effect of holding financial institutions on financing constraints has certain practical significance.Based on the analysis of the causes of the financing constraints,this paper analyzes the mechanism of the impact of the holding of financial shares on the financing constraints of the enterprises.And on this basis,the paper introduces the structure of corporate debt maturity,further discussed the difference of the holding of financial shares on the ease of financing constraints under different debt maturity structure.By collecting the data of listed A-share non-financial companies in China from 2012 to 2016,this paper uses the cash-cash flow model to examine the impact of shareholding financial firms on the financing constraints of listed companies and the influence of shareholding financial firms under different debt maturities.The results of empirical analysis show that holding financial enterprises can effectively alleviate the corporate financing constraints compared with those of non-holding financial enterprises.And the shorter the term structure of corporate debt is,the more significant role the holding financial enterprises play in mitigating the financing constraints.According to the results of theoretical and empirical analysis,the last article puts forward some suggestions to give full play to the financing efficiency of financial holding by strengthening the exchange of information between enterprises and financial enterprises,the legal construction of financial markets and the guidance of financial institutions.The main contributions of the article are as follows:First,the traditional theory of bank-enterprise relations has been expanded.Under the background of integration of industry and finance,the assey studies the effect of the holdings of non-listed financial companies including bank shares on the financing constraints of companies in China.Secondly,this article examines the mitigation effects of the holding financial companies on financing constraints from an external perspective,and from the perspective of the company's own debt maturity structure,it also usefully expands the research on the factors affecting the Chinese corporate financing constraints.