Industrial Network Of Enterprise Groups And Financing Constraints Of Listed Companies

At present,the trend of China's enterprise groups to build an industrial chain is becoming more and more obvious.The industrial chain whose center is the core main business becomes the industrial network structure of the enterprise group.Related research has already paid attention to the network characteristics existing in enterprise groups.In addition,some studies have found that the network relationship of enterprise groups can influence the choice of financial policies such as investment decision-making,information gathering and innovation of the whole or internal member companies.However,will the corporate network relationship be The issue of affecting the financing constraints of member companies has not yet been explored.The central node enterprise represents the core business of the group and has a certain dominant position.When financing in the external capital market,the non-central node enterprises are passively affected by the central node enterprises,and how this convergence effect affects the non-center enterprises' financing constraints?From the perspective of enterprise group industry network,this paper explores the mechanism of the influence of central node enterprise financing ability on non-central node enterprise and financing constraint level.This paper selects the data from 2008 to 2016 to conduct research,analyzes and tests the financing ability of enterprises in different industrial network positions and the interaction between financing ability and financing constraints..The research finds that:(1)the financing ability of non-central node enterprises has the effect of passive convergence of financing ability to the central node;(2)the higher the industrial network density,the more significant the convergence effect of financing ability;(3)the financing of central node enterprises The higher the capacity,the lower the level of financing constraints of non-central node enterprises.Conversely,when the financing capacity of central node enterprises is lower,the level of financing constraints of non-central node enterprises is higher;(4)When the central node enterprises are supported by industrial policies,the convergence effect of financing capacity between non-central node enterprises and central node enterprises is stronger,and the influence of financing capacity of central node enterprises on financing constraints of non-central node enterprises is greater;(5)when the diversification degree of central node enterprises is low,the non-central node enterprises and central node enterprises have stronger convergence effect.The convergence effect of financing capacity,the financing capacity of central node enterprises has greater impact on financing constraints of non-central node enterprises.The innovations of this paper are as follows:(1)The article of previous financing constraints takes a single subject as the research object.This paper takes multiple subjects as the research object and explores the financing of non-central node enterprises under the industrial network structure of enterprise groups.The influence of the level of restraint and the mechanism of action.Compared with the existing single subject research,this paper takes the interaction between multiple subjects and multiple subjects as the research object,which has certain innovation;(2)The research that distinguishes from the existing financing constraints explores the impact of corporate internal and external factors such as information asymmetry,corporate executive characteristics,government-related policies and external economic environment on the level of corporate financing constraints.This paper explores the impact of the characteristics of the enterprise group's industrial network structure on the financing constraints of listed companies and the mechanism of action,and introduces the industrial network into the research field of financing constraints,which enriches the research on the factors affecting financing constraints.The main contributions of this paper are as follows:(1)Exploring the important position and role of the main business in the enterprise group,and providing a certain reference for the development of the enterprise group;(2)Exploring the impact of the industrial network of enterprise groups on financing constraints,and it has certain practical significance for solving the problem of financing difficulties and financing in enterprise group practice;(3)It explores the impact of diversification of central node enterprises on enterprise groups,and provides some reference for the formulation of development strategy of central node enterprises.