Research On The Effect Of Bailout Fund Support To Private Enterprises

As an important part of Chinese market economy,private enterprises can strongly promote national economic prosperity and development.Although private enterprises have achieved rapid development in financing,there are also some financing constraints such as high financing costs and few financing paths.Once financing problems occur,it will cause difficulties in the capital turnover of enterprises,and the enterprises will have to bear huge repayment pressure in the short term.These problems are not conducive to the normal business operation and stable development of the enterprises,and enterprises may face the risk of bankruptcy.With the continuous development of Chinese capital market,equity has developed rapidly as a pledge.In recent years,the market performance is sluggish,and the downward trend of the market has caused the stock prices continue to fall.For some listed companies of high equity pledge,huge financial pressure will bring serious dangers to the sustainable development.Under this background,many listed companies are facing the liquidity crisis owing to high equity pledge,and there is even a tend of liquidity risk and credit risk mutual interact and expand.In order to stabilize the expectations and confidence of private enterprises,the highest central government has given specific policy instructions in many aspects.The State Council has made corresponding arrangements for some ministries and local governments to bail out private enterprises.Up to September 30,2019,local governments and the SASAC in sixteen provinces have set up bailout fund to provide financial support to enterprises in financing difficulties and liquidity risks.This article selects the enterprises that received bailout fund during the fourth quarter of 2018 as the research sample,and selects the financial indicators of the supported companies as the control variable and the result variable.This article sets September 31,2018 as the policy disposal point for the disposal of variable.Then uses the regression discontinuity method for full sample regression analysis and differentiated regression analysis with enterprise size as the influencing factor to evaluate the support effect of the bailout fund.Through empirical analysis,this article draws the following conclusions: In the current economic environment,private enterprises have indeed experienced a certain operating crisis.The bailout fund has a general effect on the relief of private enterprise financing pressure and the improvement of financial performance.The bailout fund has a more significant impact on small-scale private enterprises.The bailout fund is essentially just a short term macro-economic control tool,which can quickly alleviate the short-term repayment pressure and high equity pledge risk.The bailout fund helps enterprise stabilize operating control rights,and has a short-term support effect on the company's operating performance.But the bailout fund can not fundamentally improve the company's operating effect.The bailout fund can obtain investment income,but the policy assistance is stronger than the market's profit-seeking,which may undermine the marketization principle.Based on the actual situation of Chinese economic market,this article analyzes the support effect of bailout fund for enterprises with financial difficulties in the continuous downward trend market from the perspective of corporate financial data.This article provides a theoretical basis for standardizing the bailout fund operation mechanism and improving the bailout fund support effect.