Financial Ecological Environment,Internal Capital Market And Financing Constraints

China's capital market has experienced considerable development.However,compared with developed countries,there are still many imperfections.There is a gap between the increasing demand for money and money supply.Monetary funds are the blood of the real economy,and bank credit financing is still one of the important channels for Chinese enterprises to finance.In times of economic downturn,banks and other financial institutions may control the credit,improve credit threshold,reducing the size of the loan in order to ensure the quality of credit,which directly limits the investment level of independent business.For group enterprises,the "multi money effect" and "living money effect" of the group's internal capital market brings functions of raising and distributing funds to a certain extent.Can it help enterprises to ease the financing constraints?This has attracted extensive attention of scholars,but the existing research still focus on the allocation efficiency of internal capital market from the perspective of corporate governance.However they haven't agree on the problem whether internal capital market can ease the financing constraints which provides an opportunity for this study.As a matter of fact,enterprises stay in a big financial ecological environment.Whether the internal capital markets affect enterprises' financing constraints can not be discussed solely,but should be placed in their environment for comprehensive analysis.The financial ecological environment is not the same thing as in the financial development or external capital market.Financial ecological environment may influence the selection the enterprise made between the external capital market and the internal capital market,by changing the level of information asymmetry and transaction cost.Does the financial ecological environment regulate the function of the internal capital market to alleviate the financing constraints in the internal capital market?Considering the special relationship between the institutional background of enterprises and the financial ecological environment,will the internal capital market of different property rights groups have different performance under different financial ecological environment?This article uses normative analysis and empirical analysis.First,on the basis of reviewing the theory of internal capital market,the theory of information asymmetry and the theory of transaction costs,the research hypothesis is put forward.Second,adopting the related data of 2011-2016 years in Shanghai and Shenzhen A share listed company,conducting descriptive statistical analysis,correlation analysis and regression analysis.This article adopts the financial ecological environment variable as the regulating variable,using the method of grouping regression,verify the moderating effect of financial ecological environment,and discusses whether property heterogeneity influences regulation of financial ecological environment.The results show that:(1)the effect of internal capital market varies;(2)the financial ecological environment has a significant moderating effect of internal capital market to ease the financing constraints,and it is significant in the areas where financial ecological environment is poor;(3)property heterogeneity of the internal capital market of enterprise group ease financing constraints effect,private enterprise group internal capital market's founction of easing the financing constraint is strengthened in the areas where financial ecological environment is poor,while the founction of state-owned enterprise groups are not obvious.Based on the above conclusions,this article considered that:(1)for private group enterprises,they should enhance their own strength,improve their financial flexibility and efficiency of corporate governance,making full use of the internal capital market;(2)the government should strengthen the financial ecological environment construction,speeding up the construction of social credit system,encourage financial innovation and development to improve the legal system,environment and other ways to provide more health and a good atmosphere for the development of enterprises.