The Impact Of Shadow Banking Development On Small And Medium Enterprises Financing Constraints

In the perfect market environment,there is no information asymmetry problem and the principal-agent contradiction,and there is no friction in corporate financing.However,the imperfections in the actual market have caused enterprises to face serious financing constraints,especially for SMEs,which are subject to deeper financing constraints.In order to survive and develop,those small and medium-sized enterprises that are “discriminated” by traditional commercial bank credit must seek other financing channels,which promotes the development of informal finance such as shadow banking.Of course,with the development of shadow banking,shadow banking also has a certain impact on China's financial reform and regulation.However,as a new financing channel,shadow banking plays a positive role in alleviating financing constraints on SMEs.Therefore,it is of practical significance to analyze the impact of shadow banking development on SMEs' financing constraints.This paper systematically reviews the existing domestic and foreign researches on shadow banking and financing constraints of SMEs.Based on the theories of information asymmetry and debt maturity structure,and based on China's reality,this paper analyzes the alleviating effect of shadow banking development on financing constraints of SMEs and whether such alleviating effect has a long-term impact.Therefore,taking the new three-board enterprise as an example,this paper selects the semi-annual data for 2008-2017 as a sample,based on the “cash-cash flow” model,and adds factors such as regional development level,monetary policy impact,corporate asset mortgage rate and self-financing constraints to study the impact of shadow banking development on SME financing constraints.The main conclusions of this paper are as follows:(1)The development of shadow banking has alleviated the financing constraints of SMEs.(2)The higher the development level of regional shadow banking,the more obvious the mitigation effect on the financing constraints of local SMEs.(3)Under the tight monetary policy,the development of shadow banking plays a more significant role in alleviating the financing constraints of SMEs.(4)The lower the mortgage rate of SMEs and the higher the level of financing constraints,the more obvious the mitigation effect of shadow banking development on its financing constraints.(5)The development of shadow banking has increased the proportion of short-term debt of SMEs and alleviated their short-term financing constraints.