Research On The Relationship Among Bank Association,Financing Constraints And Corporate Performance

Since the reform and opening up,the private economy has become an important force to stimulate China's economic growth.With the continuous development of the private economy,it has created good economic and social benefits including increasing the gross national product and national tax revenue,and providing jobs.Although the private economy has made such great achievements,the growth of private enterprises still faces many bottlenecks and constraints,of which financial constraints are the most prominent.A large number of studies have shown that the existence of financial constraints will bring a variety of negative impacts on enterprises,including the lack of operating capital,investment deficiency,innovation inhibition,export restrictions and so on,and ultimately affect the corporate performance,which is not conducive to the long-term development of enterprises.In this paper,the impact of financing constraints on corporate performance was the core content of the study,on this basis,to explore the relationship between bank association,financal constraints and corporate performance.It mainly solves three core problems:does financial constraints have significant negative effects on corporate performance?Can bank association alleviate the financing constraints?And can the establishment of bank association mitigate the impact of financial constraints on corporate performance?After combing the relevant literature,this paper selects 313 listed private enterprises from 2007 to 2016 as research samples,collects financial data and senior management background material from CSMAR database,uses Stata software and panel regression model to empirically analyze the impact of financal constraints on corporate performance,the role of bank association on financial constraints,and The results are as follows:(1)There is a significant negative correlation between financial constraints and corporate performance.The more serious the financial constraints,the worse the corporate performance.(2)The establishment of bank association can significantly alleviate financial constraints,but different types of bank association have different effects on financial constraints,among which the high-level state-owned bank association has the best effect.(3)Compared with the enterprises without bank association,the financial constraints have less negative impact on corporate performance in bank association enterprises.(4)The lower the level of financial development in the region,the more significant the effect of bank association on mitigating the impact of financing constraints on corporate performance.