Research On The Impact Of Regional Financing Ecosystem On SMEs' Financing Constraints

China's current economic development is facing both internal and external challenges.The development of the internal real economy has a problem of low quality.It seems that the total amount is large,but the quality and efficiency are not high,and it is in a disadvantaged position in the international division of labor.External international economic and trade frictions continue,especially as the trade war continues to heat up and exports are greatly affected.As a new force in national economic and social development,small and medium-sized enterprises can see the role of prosperity and development in stabilizing employment,stabilizing finance,stabilizing investment,stabilizing foreign exchange,stabilizing foreign trade,and stabilizing expectations.However,there are still many problems in the development of SMEs.The issue of financing constraints is one of the important issues that restrict the development of SMEs.Although experts and scholars have been deepening and improving the research on financing constraints of SMEs from micro to macro for a long time,according to the survey,the financing constraints of SMEs have not been alleviated.Recent studies have shown that the causes of financing constraints for SMEs are complex and difficult to analyze and explain from a single perspective.Ecosystem theory provides a tool for studying complex problems.From a system perspective,the financing constraints of SMEs can be further analyzed from a new perspective,in order to find a way to alleviate the financing constraints of SMEsBased on the ecosystem theory,this paper constructs the financing ecosystem structure,and analyzes the financing constraints of SMEs and the impact mechanism of financing entities and external financing environment on SME financing constraints.The panel data of the SMEs listed on the New Third Board from 2012 to 2016 were selected,and the empirical data of the regional financing ecosystem data of 28 provinces and municipalities were combined.The results show that the financing ecosystem can ease the financing constraints of SMEs through the mutual influence of financing entities,non-subject environment and various elements in the system Specifically,the higher the proportion of informal finance in financing intermediaries,the higher economic development level in non-subject environment,the better social legal environment and the good interaction between various factors,can significantly alleviate the financing of SMEs Constraint;while the medium and small banks in the financing intermediary account for a relatively high proportion,and the degree of government intervention is relatively low,the mitigation effect on the financing constraints of SMEs is not significant.This paper believes that optimizing the financing ecosystem is an effective way to alleviate the financing constraints of SMEs,and should focus on the harmonious development of financing entities and non-subject environments.At the non-subjective level,the government should actively promote the improvement of the non-subject environment,based on the small and medium-sized enterprises with different scales,long-term and diversified financing needs,and create a good financial system for SMEs from the economic environment,government behavior,and social legal system.The external financing macro environment.At the level of financing entities,SMEs should strengthen their internal construction and break through the constraints of financing constraints.The financing intermediary needs to form a customer segmentation,market segmentation,clear,three-dimensional,multi-level financial system,focusing on the development of small and medium-sized financing institutions and diversified financing methods to unblock the financing value chain of SMEs and alleviate the financing constraints of SMEs.