Study On The Influence Of Financial Agglomeration On Enterprise Financing Cost

This thesis studied from the angle of the micro enterprise financial agglomeration effects on enterprise financing costs.And the financial agglomeration forms through gathered social saving,increase market liquidity,ease the information asymmetry and transfer and manage risk,which can effectively reduce the enterprise's financing costs.This thesis,483 manufacturing enterprises as the research sample,build panel data model to do empirical research.The author found out that for the whole sample and state-owned enterprises,financial agglomeration has significant negative effect on enterprise financing costs.But for the non-state-owned enterprises,although there are negative correlation but the relationship is not significant,mainly because bank agglomeration and non-state-owned enterprises have no significant negative correlation relationship on the cost of financing.The reason is that non-state enterprises is facing a severe credit discrimination in the process of financing.From the view of area,the east and parts of the Midwest have financial agglomeration and enterprise financing costs has significant negative correlation relationship with financial agglomeration.But because of a large number of financial resources in China are concentrated in the eastern region,the negative correlation is more obvious in the eastern region.In addition,through the test of mediating effect,the author found that the financial agglomeration and enterprise negative correlation between the cost of financing,the enterprise information transparency and stock market liquidity have mediation effect on this negative correlation.On the one hand,financial agglomeration have direct negative effect to the enterprise financing costs,On the other hand,financial agglomeration has an indirect negative effect on enterprise financing cost through improving corporate information transparency and stock market liquidity.