Research On The Factors Influencing The Financing Ability Of Listed Private Enterprises In China's SME Board

Private enterprises,big role in the Chinese economy revolution,contribute a lot to the stable development of society and GDP.However,in the process of economy reform,including customer structure updating and uncertainty of aboard trades,there is an urgent problem for private enterprises in financing,which is important for their future developments.It is of great practical significance to analyze the current financing situation of private enterprises in China and find out the main factors affecting the financing ability of private enterprises.It is of great practical significance to improve the financing ability of private enterprises and promote the healthy development of private enterprises.This paper takes China's private enterprises as the research object and selects private enterprises listed on the SME board as the research samples.Empirical data from previous years has been used to analyze the financing ability.The ratios,such as short-term interest-bearing debt ratio and asset-liability ratio,are used to represent the financing ability of private enterprises.Then,the short-term interest-bearing debt ratio,asset-liability ratio and equity financing cost are taken as explanatory variables to enterprises.Indicators such as scale,profitability,risk resilience,and collateralized asset value are used as explanatory variables to find the main factors affecting the financing ability of private enterprises.Then,comparing with the state-owned and state-controlled enterprises base on the data out of regression analysis.Finally,summarizing the differences helps me to find out the reasons for the difficulty of financing private enterprises,and propose corresponding solutions.The basic logic of this paper is that credit rationing has an impact on the financing ability of private enterprises through information asymmetry mechanism or SME financial cycle mechanism.This paper is divided into six chapters: The first chapter is the introduction,mainly introducing the background and purpose,the ideas and framework,summarizing the existing research on the financing ability of private enterprises,and finding the reasonable improvement from the existing researches to support the innovation of this article.The second chapter constructs the theoretical model,based on the theory of superior order financing,information asymmetry,and the financial cycle theory of SMEs,combined with China's financing environment,analyzes the reasons why the private enterprises' financing ability is relatively weak,and compares theory with reality.The third chapter calculates the weight of various financing ability indicators of private enterprises and state-owned and state-owned holding enterprises by entropy method,chooses reasonable variables to represent enterprises' financing ability and profitability,growth ability,risk resilience,enterprise scale,bank-enterprise relationship,construct regression model,and collects and collate data for empirical test;the fourth chapter analyzes the main factors affecting the financing ability of private enterprises on the basis of empirical analysis,and proposes Corresponding suggestions for improvement;Chapter VI conclusions and prospects,based on the summary of the full text,draw the main conclusions,and summarize the research shortcomings of this paper,and make a prospect for future research.After the research and analysis,the main conclusions are as follows: First,compared with state-owned and state-owned holding companies,the debt financing ability of private enterprises is relatively weak.Second,the financing ability of private enterprises is more affected by the adverse selection caused by information asymmetry and moral hazard,which makes them more vulnerable to bank credit discrimination.On the basis of the analysis,the measures to improve the financing difficulties of private enterprises are proposed in a targeted manner.