Research On The Mitigation Effect Of Financial Ecology Environment And Corporate Governance On SMEs' Financing Constraints

As a basic component of the national economy,SMEs play an important role in increasing employment rates,maintaining social stability,and promoting economic development.However,due to the specialization of China's institutional environment and the defects of SMEs,there is a phenomenon of information asymmetry between banks and enterprises.It is difficult for enterprises to obtain the funds necessary for their development from formal channels,and they face the “Macmillan gap”.The phenomenon is getting more and more serious,and the existence of financing constraints limits the basic functions of enterprises.As an external comprehensive environment for measuring the different CNFEensions of enterprise survival,the financial ecological environment solves the problem of information asymmetry between banks and enterprises to a certain extent,and at the same time CEands the sources and methods of corporate financing,alleviates the degree of financing constraints of SMEs,and promotes the trend of national economy.The new normal has a positive impact.The research on financial ecological environment and SME financing constraints mainly focuses on directly studying the mitigation effect of financial ecological environment on SME financing constraints.Few scholars study the impact of internal corporate governance structure on corporate financing constraints.Therefore,based on the existing research results,this paper adds the corporate governance structure to the research of financial ecological environment and corporate financing constraints,and combines the multiple indicators of corporate governance structure and the comprehensive indicators measured by principal component analysis to CElore different financial ecological environments.The corporate governance structure and its comprehensive development level have alleviated the financing constraints of SMEs,and provided some empirical evidence for the research of financial ecological environment and corporate governance to alleviate the financing constraints of SMEs.This paper uses the data of China's GEM listed companies to use the panel data model and the threshold panel model for empirical analysis.The main conclusions are as follows:The improvement of the financial ecological environment can indeed reduce the cash flow sensitivity of listed companies on the GEM,thus effectively alleviating the financing pressure of enterprises.At the same time,its subordinate dimensional economic foundation(E1),government governance of debt(E2),institutional culture construction(E3)and financial development level(E4)can effectively alleviate financing constraints;high-level corporate governance mechanism can also effectively reduce the cash flow sensitivity of enterprises,and its mitigation of financing constraints is strong;financial ecological environment and corporate governance level It has an alternative effect on alleviating the financing constraints of enterprises.Accelerating the construction of internal corporate governance mechanisms in areas with poor financial ecological environment can effectively alleviate the financing constraints of enterprises,and this mitigation effect will be weakened with the improvement of financial ecological environment.When the external financial ecological environment is relatively good and the company's internal governance level is low,the increase in corporate cash holdings will increase its value effect,and when the financial ecological environment is poor and corporate governance is low,the company's excess cash holdings Will produce higher marginal value;based on double threshold analysis It is found that with the continuous optimization of the financial ecological environment,the impact of corporate governance on corporate financing constraints will be weakened and weakened.The substitution effect of corporate governance and financial ecological environment on corporate financing constraints presents an inverted U-shaped structure.