An Empirical Study On The Impact Of Anti-corruption On Private Enterprise Financing Constraints

Since the reform and opening up,private enterprises play an increasingly important role in China's socio-economic development.However,the problem of financing constraints is widespread in China's private enterprises.To get rid of the predicament of their own financing constraints,some private enterprises obtain external financing support through political connections.Since the 18 th CPC National Congress,the high-intensity anti-corruption campaign has had a huge impact on the long-standing political associations of private enterprises.In order to study the effect of anti-corruption(A quasi-natural experiment)on the financing constraints of China's private enterprises,this article has launched a comprehensive and in-depth study.First of all,this article summarizes the influencing factors of financing constraints on the basis of reviewing domestic and foreign related literature.This article also states political connections can help to ease the financing constraints of private enterprises.What's more,this paper discusses the relevant theoretical basis and the related impact mechanism of the impact of anti-corruption on financing constraints,then proposes research hypotheses.Secondly,this paper analyzes and collates 4540 initial samples of listed private enterprises in China's A-share market from 2010 to 2016.Based on the definition of variables(Political connections,financing constraints,anti-corruption),this article builds Difference-In-Difference model to conduct empirical tests and analysis of the effect between Anti-corruption and Financing Constraints of Private Enterprises.Then this article conducts a robustness test.Finally,based on the foregoing theoretical and empirical analysis results,this article gives relevant policy recommendations to ease the financing constraints of private enterprises.This article mainly examines the impact of anti-corruption on the financing constraints of private enterprises.Through empirical an alysis,we found the following three main conclusions:(1)Anti-corruption aggravates the financing constraints of private enterprises,and has a more pronounced aggravating effect on financing constraints in Private Enterprise with political connection;(2)The increasing effect of anti-corruption on financing constraints is more pronounced in polluting industries than in non-polluting industries;(3)The aggravating effect of anti-corruption on financing constraints is more pronounced in non-market-oriented resource allocation regions than in market-based resource allocation regions.