Research On The Background Characteristics Of Independent Directors And Credit Financing Of Private Listed Enterprises

Private-owned enterprises have made tremendous contributions to the rapid economic development in our country,but the problem of credit financing constraints has plagued the healthy development of private-owned enterprises,which aroused the concern and discussion of many scholars.As our country enters the "new normal" phase,the credit financing of private enterprises becomes more and more difficult.Therefore,it is particularly important to look for new financing channels for private enterprises to sort out financing channels.Based on the data of private enterprises listed in Shanghai and Shenzhen Stock Exchange from 2011 to 2016,the paper builds Probit model and multivariate linear regression model,and empirically tests the government resources,academic status,education background and professional level of independent directors of private listed companies Knowledge background,job continuity,and the relationship between the financial experience and the convenience of the enterprises to obtain bank loans.The findings are as follows:(1)The financial experience and educational le vel of independent directors can significantly improve the availability of bank loans for private enterprises and increase the loan rate of corporate banks.(2)Independent directors' financial experience and government resources can significantly increase the bank loan term of private-owned enterprises and reduce the bank loan cost.The practical significance of the conclusion of the study lies in:(1)The previous research on the system of independent directors mostly studies its influence on the improvement of the corporate governance structure and the improvement of business performance in order to demonstrate the necessity of introducing an independent director system.This article,based on the background characteristics of independent directors,demonstrates the influence of independent director system on the convenience of private-owned enterprises in getting bank loans and the loan term,so as to supplement the research on the institutional effects of independent directors.(2)A new explanation is given to the hiring of independent directors in China's private enterprises.When recruiting independent directors,enterprises value their background characteristics such as government resources,academic status,experience in the financial industry and professional knowledge,not only because the introduction of independent directors can improve corporate governance,but also expect to pass through the society of independent directors Relationship,to facilitate access to external financing for enterprises.Facts have proved that this effect exists objectively.(3)Under the environment of poor financing of private-owned enterprises and more serious financing difficulties,it is also a kind of social security fund that enhances the availability of corporate finance by making use of social forces and its relationship with them.New ideas to ease.