Research On The Influence Of Equity Brokerage On Financing Constraint Of Listed Enterprises

In the development of the new era,the existence of financing constraints on enterprises has a negative impact on the improvement of their financing efficiency.Through the previous research results and practical experience we can know that equity participation in financial institutions is one of the effective ways to ease the financing constraints of enterprises.In the past ten years,as one of the relatively "young" realization modes in the combination of industry and finance,equity securities firms have witnessed rapid development,which is not only the result of the development of China's investment and financing mode,but also the product of the development of the financial industry.With the development of economy,market subjects found in the process of financing exploration that the use of financial capital for financing can improve the use efficiency of enterprises and reduce the cost of financing.According to China's actual situation and policies and regulations,industrial capital and financial capital in China are more inclined to adopt the way of industrial and commercial enterprises to participate in financial institutions.More and more enterprises make rapid financing of capital flow by means of bank loans,and the role of securities companies as the "promoter" of capital flow in the financing process of enterprises should not be underestimated.Then whether the equity participation securities firms will have the same effect on corporate financing constraints as the equity participation of other financial institutions? How do we choose the way of investment and financing in the new era? This article will answer each of these questions.This paper analyzes the influence of equity participation securities industry on the financing constraints of listed companies through measurement methods,and puts forward relevant Suggestions for the choice of investment and financing methods for listed companies.Based on the principle of combining theory with practice,through studying the previous literature,the researches on the equity securities companies mainly focus on "why does it exist" and "what impact does its existence have on the enterprise".Literatures on corporate financing constraints mainly focus on the relationship between corporate financing constraints and financial innovation,financial association,financial development and other factors.The analysis of the factors that affect the financing constraints of enterprises and the research of the methods that can help alleviate the financing constraints of enterprises.There are relatively few researches on the relationship between equity brokerage and corporate financing constraints.From the perspective of method,it mainly focuses on case analysis.From the perspective of content,it mainly covers the relationship between the shareholding of financial institutions such as Banks,insurance companies and fund companies and the financing constraints of enterprises.In terms of whether the securities firm's shareholding has an impact on the external cost of enterprise financing,previous literature has mostly focused on theoretical research and rarely used data and models for in-depth analysis.This paper selects this Angle to carry on the thorough analysis,has verified the participation securities firm to have the positive effect to the enterprise financing,has enriched this question related research.This paper firstly uses the modified cash-hold-cash flow model to set the important variables,and takes the multiple regression model as the analysis model to study the influence of equity securities firms on the financing constraints of enterprises.The annual reports of listed securities companies were selected from the Wind database,Guotai 'an database and the statistical yearbook of The National Bureau of Statistics of China,and the annual reports of listed securities companies were selected from the regular reports of information disclosure on the official website of Shanghai Stock Exchange.A targeted model is further established for analysis to test whether the object of this paper can reduce the external cost of enterprise financing and alleviate its own financing constraints by holding securities companies.Through theoretical analysis and empirical demonstration,it can be known that holding securities company shares has a positive effect on the easing of financing constraints of listed companies.Listed companies can effectively promote their own capital flow,improve the efficiency of capital use,and promote the further development of enterprises through participation in securities companies.In view of the above conclusions,this paper summarizes several policy Suggestions: First,for enterprises,listed companies with relatively strong capital strength,in addition to participating in financial institutions such as Banks and insurance companies,can also consider participating in securities companies for financing.In the selection of equity brokers,the company's strategy and development plan shall be followed,and decisions shall be made on the basis of risk assessment.Small and medium-sized enterprises with relatively weak capital should carefully choose whether to take equity securities as their financing method under the guidance of the government and economic experts.For the government,it should encourage and strengthen guidance to make use of the big data network to reduce the information asymmetry in the financial market.We will expand financing channels for enterprises and promote market-oriented and liberalized financial reform.We will lower the threshold for equity participation in the securities industry,improve the financial market system,and promote the sustained and healthy development of the financial industry.