Bank-enterprise Relationship,Asset Collaterability And Financing Constraints

In recent years,with the continuous advancement of China's comprehensive deepening reform process,China's comprehensive national strength has gradually strengthened,achieving a historic leap from standing up,becoming rich to becoming strong.To achieve such a leap is inseparable from the continuous improvement of China's economic strength.The improvement of China's economic strength is closely related to the effective development of Chinese enterprises.If any enterprise wants to achieve sustainable and stable development,it needs joint efforts and cooperation both inside and outside the enterprise.Therefore,the development of enterprises needs not only the effective operation within enterprises,but also the external environment to meet the needs of enterprises.According to the structure of the enterprise cash flow statement,the activities of the enterprise can be divided into operating activities,investment activities and financing activities.Fund-raising activities refer to enterprises' fund-raising activities.Under the current social background,the capital owned by enterprises is very important.Once the capital can not meet the needs,enterprises will face survival crisis or even bankruptcy.In real life,it is difficult for many enterprises,especially some private enterprises,to obtain funds from outside.In the process of seeking external financing to meet the internal needs of enterprises,they often encounter various obstacles and constraints.Such constraints are called financing constraints faced by enterprises.Such constraints not only restrict the financing activities of enterprises,but also affect enterprises.The operation and development of the industry.This paper takes the listed companies in 2003-2017 as the research sample.Using Hadlock Pierce(2010)as a reference,this paper constructs a measurement model of financing constraints.Through empirical research,it is found that there are indeed financing constraints in Chinese listed companies.On this basis,this paper empirically analyses the relationship between bank-enterprise relationship and financing constraints,the relationship between asset mortgageability and financing constraints,and the joint effect of bank-enterprise relationship and asset mortgageability on financing constraints of listed companies,in order to explore the impact of bank-enterprise relationship and asset mortgageability on financing constraints of listed companies.The results show that there is a significant positive correlation between asset-liability ratio and financing constraints,i.e.increasing the financing constraints of enterprises;the positive correlation between asset-liability ratio and financing constraints of enterprises,i.e.increasing the financing constraints of enterprises;the higher the rate of return on assets,the lower the amount of external financing enterprises need;the positive correlation between ownership concentration and financing constraints of enterprises,i.e.increasing the financing constraints of enterprises;For the significant negative correlation,that is,the two-job combination has a significant restraining effect on financing constraints;the closer the relationship between banks and enterprises,the more relaxing the financing constraints of enterprises;the stronger the collaterability of assets,the more relaxing the financing constraints of enterprises;when the relationship between banks and enterprises is not very close,the collaterability of assets can ease the financing constraints of enterprises;when the relationship between banks and enterprises is close,the collaterability of assets can ease the financing constraints of enterprises At that time,enterprises can obtain more loans,and the enhancement of the collaterability of enterprises' assets aggravates the financing constraints of enterprises.