| After the financial crisis,China’s national economy began to wake up slowly,small and medium-sized enterprises(SMEs)as an important supporting force in the development of the real economy began to rise and develop rapidly.However,at that time,the development of China’s capital market was not perfect enough,mainly relying on the traditional commercial banks to provide funds.However,small-scale capital,serious information asymmetry and imperfect corporate governance of SMEs in China are difficult to be favored by traditional commercial banks,so the capital gap is large.At this time,shadow banking emerged as a new financial innovation tool.Shadow banks make financial innovations by issuing various financial products,providing various financing channels for SMEs at the source and providing them with free choice,greatly improving the financing environment of SMEs,leading to the gradual strengthening of SMEs’ dependence on shadow banks.Although shadow banks have lower loan threshold than traditional formal financial institutions.However,as creditors,they are still very concerned about the security of borrowed funds and will take certain measures to evaluate the loan target.Because the corporate governance of most SMEs is not perfect,the quality of financial information is also uneven.In order to avoid risks,shadow banks will consider the quality of accounting information of SMEs comprehensively before lending.At this time,as an important indicator to measure the quality of accounting information and corporate governance mechanism,accounting conservatism has attracted the attention of shadow banks.Therefore,to study the effect of shadow banking and accounting conservatism on financing constraints of SMEs is of both theoretical and practical significance.Based on the existing research,combined with the theory of signal transmission and credit rationing,this paper chooses the annual data of listed companies on SMEs and GEM from 2012 to 2017 for empirical research.Firstly,based on the Cash-Cash flow sensitive model,this paper studies the effect of overall shadow banking development on financing constraints of SMEs.Then,based on the credit channel,the overall development of shadow banks is divided into shadow banks inside banks and shadow banks outside banks,and their effects are studied respectively.Next,we consider the regulatory role and mechanism of accounting conservatism.Then we eonsider how the above effects differ under different levels of marketization,different monetary policies and different property rights.The study found that:(1)The development of shadow banking can alleviate the financing difficulties of SMEs.(2)Compared with in-bank shadow banks,out-of-bank shadow banks have a greater degree of mitigation.(3)Under the same other conditions,robust accounting information can enhance the positive role of shadow banking.(4)Further study shows that accounting conservatism relieves the financing constraints of SMEs by reducing the debt financing cost of shadow banks.(5)Considering the level of marketization and monetary policy,it is found that SMEs have a greater mitigation effect under the condition of backward financial development and tight monetary policy.(6)Considering the nature of property rights,it is found that shadow banking plays a greater mitigation role in private enterprises. |
