Venture Capital,Financial Eco-Environment And SME Financing Constraints

As a strong support for the rapid growth of the national economy,the survival and development of small and medium-sized enterprises(SMEs)is highly valued by the Chinese government and the community.However,the financing difficulties of SMEs have always been a key issue in their growth.For this problem,the scholars are actively seeking various solutions.As a special form of investment,venture capital can help SMEs solve financing difficulties to a certain extent.In addition to providing direct financial support for SMEs,venture capital institutions can improve the information asymmetry of the enterprises,participate in the supervision and management of them and provide them with social resources to help solve their financing problems.As the external condition for the development of SMEs,the financial eco-environment can facilitate the dissemination of corporate information,reduce the financing costs of enterprises,improve the capital market system,improve the social credit system,create the healthy and active growth environment,and ease the financing pressure of SMEs.This paper chooses SMEs listed on the SME board as the research sample,and analyses the effects of venture capital,financial ecological environment and their synergy on the financing constraints of SMEs.Firstly,this paper combs the relevant research results of domestic and foreign scholars,and expounds the concepts and theories related to the financing constraints of SMEs,venture capital and financial ecological environment.Then it analyses the process of the effect of venture capital and financial ecological environment on the financing constraints of SMEs,and puts forward the hypothesis of this paper.According to the hypothesis,this paper selects the data of medium and small-sized board from 2012 to 2016 as samples,uses factor analysis to measure the financial ecological environment index,and constructs a research model for empirical analysis.Through the previous analysis and empirical tests,this paper draws the following conclusions: venture capital can alleviate the financing constraints of SMEs;the optimization of financial ecological environment can reduce the financing constraints of SMEs;as a regulatory factor,the good financial ecological environment can reduce the degree of mitigation of venture capital on the financing constraints of SMEs.Finally,combined with the empirical results,in order to help SMEs out of the financing dilemma,this paper puts forward some suggestions on the mitigation of financing constraints of SMEs.The innovation of this paper is that it is the first time to link the three(venture capital,financial ecological environment,financing constraints)together.In addition to studying the effect of venture capital and financial ecological environment on financing constraints of SMEs,the key of this paper is the in-depth analysis of the internal relationship between these two factors affecting financing constraints of SMEs.In the model of venture capital and financing constraints,the variable of financial ecological environment is introduced to explore the role of financial ecological environment in the process of alleviating financing constraints of SMEs by venture capital.