Research On The Influence Of The Establishment Of The Beibuwan Economic Zone On The Financeing Constraints Of The Enterprises In The Region

After entering twenty-first Century,China has gradually established the overall strategy of regional coordinated development and gradually established the strategic partnership with ASEAN.Guangxi Beibuwan Economic Zone(Nanning,Beihai,Qinzhou,Fangchenggang,Yulin and Chongzuo)is facing new historical opportunities and challenges.Accelerating development is of great significance.The financial environment of the enterprise has a great influence on the investment and financing activities and financial indicators of the enterprises.A practical national policy and relatively loose financial market environment are of great importance to the investment expansion,transformation,upgrading and long-term development of enterprises,and they are important factors to help enterprises to go from internal financing to external financing.The establishment of Guangxi Beibuwan Economic Zone has strong strategic significance.It not only speeds up the opening and development of the economic zone,but also concerns Guangxi's own development and the overall development of the country,which is of strategic importance.From the individual level,not only can give the economic zone of the enterprise in different financial policy,promote the progress of individual enterprises,and the cooperation of ASEAN will expand investment opportunities of enterprises,conducive to the long-term development of enterprises;from the regional level,but also promote the economic zone to set up local enterprises opening outward the development of their own industries and enterprises,and promote the Guangxi economic and social progress;from the national level,economic progress is conducive to social harmony and national rejuvenation,further implementation of the western development strategy is also proposed to the country,but also conducive to improve the layout of China's coastal economy,accelerate the construction of China-the ASEAN Free Trade Area,to further deepen the strategic partnership with ASEAN China.Modigliani and Miller(1958)point out that in the perfect market,the enterprise has no transaction cost,and the internal and external financing of the enterprise is indifferent.However,the reality of the market is not perfect,there is information asymmetry,and also face certain transaction costs,resulting in the internal and external financing costs of different enterprises.If enterprises face higher external financing constraints,it will not only cause enterprises to invest insufficient,but also be not conducive to the expansion and development of enterprises.The demand for investment funds is mainly dependent on internal funds,and FHP(1988)names this problem a financing constraint.In general,enterprises in developing countries generally face financial constraints,because the market and policy is not perfect,the enterprise not to enterprises in developed countries,there are enough channels to finance banks because of moral hazard problems,not willing to lend to enterprises.Related data indicate that in recent years,compared with other parts of Guangxi,the economic growth of Beibuwan Economic Zone has increased significantly.But how does the economic growth of six cities in the economic zone affect the corporate financing situation in the economic zone?How did the financial constraints of enterprises in the economic zone change before and after 2008?Does the type of enterprise and the type of industry receive different effects?Taking Beibuwan Economic Zone as an example,this paper studies the financing constraints of enterprises in the economic zone and the enterprises in different economic sectors and different types and industries after the establishment of the economic zone in 2008.Through the study,it is found that the establishment of the Beibuwan Economic Zone helps to alleviate the financing constraints of enterprises in the region.The empirical study finds that the establishment of the Beibuwan Economic Zone is helpful to alleviate the financing constraints of the state-owned enterprises compared to non-state-owned enterprises.Compared with non manufacturing enterprises,the Beibuwan Economic Zone is established.It helps to ease the financing constraints of manufacturing enterprises.