Research On The Impact Of Anti-corruption On SMEs' Credit Discrimination From The Perspective Of Financial Development

After the 18 th National Congress of the Communist Party of China,building good conduct and political integrity and fighting corruption began to develop gradually.This new anti-corruption policy is different from the previous ones.It is unprecedented in both breadth and depth,and the impact in the economic field is also enormous.In terms of credit,there is always a connection between corruption and relational financing.For SMEs that have been facing credit discrimination,anti-corruption may affect their credit availability.In China,as a way of obtaining credit funds,corruption plays the same role as normal financing channels,even financially developed regions facing serious corruption.The development of the anti-corruption campaign has blocked the corrupt behavior in credit activities to a certain extent,which greatly enhances the role of normal credit channels,and the higher level of financial development will provide enterprises with more credit facilities.Therefore,the impact of anti-corruption on credit discrimination of SMEs will also vary according to the level of regional financial development.Through literature combing,theoretical analysis and empirical analysis,this paper explores the relationship between financial development level,anti-corruption and credit discrimination of SMEs.It is divided into five parts.The first part elaborates the research content,methods and innovations of this paper on the basis of collating relevant literatures,and determines the research direction of the full text.The second part firstly defines the basic concepts and theories of anti-corruption,credit discrimination and financial development,then analyzes the impact mechanism.The third part analyzes the corruption and anti-corruption status in China's credit field.The fourth part firstly analyzes the relationship between anti-corruption and SME credit discrimination,then uses the principal component analysis method to introduce the financial development level indicator,at the same time constructs a difference-in-differences model to analyze the impact of anti-corruption on the credit discrimination of SMEs in different financial development level.The fifth part is the policy suggestion,which gives countermeasures to alleviate the credit discrimination of SMEs from the aspects of anti-corruption and financial development.Through the research,this paper finds that corruption distorts the credit channel,some enterprises pay bribes to obtain funds at the expense of other enterprises' credit resources.SMEs are at a disadvantage in the corrupt credit market,especially to obtain long-term credit funds.The anti-corruption of 18 th National Congress effectively alleviated the credit discrimination of SMEs and enabled the reconstruction of China's credit system.At the sametime,on the basis of considering the level of regional financial development,we can find that a sound financial system has increased the positive effect of anti-corruption.The higher the level of financial development,the stronger the mitigation effect of anti-corruption on SME credit discrimination,especially the increase of SMEs' long-term credit availability.