Research On The Influence Of Implicit Credit Constraints On The Growth Of Small And Micro Enterprises

Small and micro enterprises are an indispensable force to promote China's economic development,and financing difficulties have always been a key factor restricting their growth.In China,small and micro enterprise financing mainly relies on formal financial institutions,but formal finance is to prevent risks.It sets implicit credit thresholds for small and micro enterprise loans and excludes them from loans.This is an internal investment and financing behavior for small and micro enterprises.Both have a very important impact,which in turn will affect the growth of small and micro enterprises.In recent years,in order to solve the financing problems of small and micro enterprises,the government has introduced a series of fiscal and taxation financial preferential policies to promote the healthy development of small and micro enterprises.However,the financing difficulties of small and micro enterprises have still not been resolved.Based on this,the paper has important practical significance to examine the growth of small and micro enterprises from the perspective of implicit credit constraints.Based on the previous studies,the thesis is different from the perspective of financial suppression in the past.From the perspective of implicit credit constraints,the paper examines the financing problems and growth difficulties of small and micro enterprises.The paper uses the enterprise investment environment survey data carried out by the National Bureau of Statistics Enterprise Survey Team and the World Bank to empirically test the impact of implicit credit constraints on the growth of small and micro enterprises,and to distinguish the degree of business normative and the stage of growth to discuss the impact.difference.At the same time,the two variables of financing channel and enterprise investment are added,and the implicit credit constraint is verified by affecting the investment and financing behavior of the enterprise and then affecting the growth path of the enterprise.The results show that:(1)Implicit credit constraints have a significant negative impact on the growth of small and micro enterprises,and the degree of inhibition of implicit credit constraints on enterprise growth is inconsistent under different levels of business management and growth.When the business operation is more normative,or at a low growth stage,the restraining effect of implicit credit constraints on the growth of the enterprise is weaker,and vice versa.(2)Financing channels play a mediating role in the impact of implicit credit constraints on corporate growth.Specifically,implicit credit constraints inhibit the smooth growth of enterprises by reducing the scale of financing of small and micro enterprises' formal financial institutions.(3)Corporate investment plays a mediating role in the impact of implicit credit constraints on corporate growth.Specifically,implicit credit constraints inhibit corporate growth by reducing the scale of corporate investment.(4)In terms of investment types of enterprises,implicit credit constraints will inhibit the scale of innovation investment,while the suppression of general-scale investment is not obvious.At the same time,innovative investment also plays a mediating role in the impact of implicit credit constraints on corporate growth.The contributions of the thesis are as follows:(1)The paper examines the impact of formal financial institutions on implicit credit constraints and small and micro enterprises' growth in small and micro enterprises,and also conducts classified regression research based on the degree of business management norms and passes quantiles.Regression explores the differences in the impact of implicit credit constraints on firm growth at different stages of growth,and is a useful complement to the micro-influence factors of small and micro enterprises.(2)The paper discusses the intermediate mechanism of implicit credit constraints on enterprise growth,and identifies the intermediary role of financing channels and corporate investment in the process of implicit credit constraints affecting the growth of enterprises,and provides more evidence for relevant experience and empirical development.