Research On The Influence Of Shadow Banking On The Financing Constraints Of SMEs In Shandong Province

The global financial crisis in 2008,the shadow banking system has been widely concerned by scholars.However,the research on the impact of shadow banking on the financing constraints of small and medium-sized enterprises is more focused on the national perspective,and less specific provinces and regions are selected for relevant research.As a leading indicator of economic development and a large number of small and medium-sized enterprises in China,Shandong Province has its own characteristics in its development,which can not fully apply the previous research results.As an important part of social progress and economic growth,small and medium-sized enterprises play a significant role in promoting the creation of economic value and employment.However,because the system of small and medium-sized enterprises is not perfect enough and can not meet the requirements of mortgage guarantee of commercial banks,we have to seek the help of shadow banks.Shadow banking as a bridge to build up sub-prime lenders,to help SMEs.In this context,this paper selects Shandong Province as the research object,and studies how shadow banks affect the financing behavior of SMEs in Shandong Province.Firstly,this paper reviews and sorts out the previous research on the impact of shadow banking on SME's financing constraints.Secondly,combining with the specific situation of Shandong Province,it analyzes the causes of SMEs' financing constraints and the impact of shadow banking on SMEs' financing constraints in Shandong Province,which lays the theoretical foundation for the following.Thirdly,this paper makes a relatively comprehensive analysis of the shadow banking policy and the overall situation of SMEs in Shandong Province.On the basis of the analysis of the current situation,it selects the cash flow sensitive model and the panel threshold model to empirically test the annual data of SMEs listed on the SME?Board in Shandong Province from 2009 to 2018 as the original samples.The empirical results show that although small and medium-sized enterprises in Shandong Province develop rapidly,there are still many problems restricting their further development,that is,they are facing strong financing constraints.It is also concluded that shadow banking can alleviate the financing constraints of SMEs in Shandong Province,but there is a corresponding threshold effect between them.Finally,this paper summarizes the empirical results and draws conclusions,and puts forward relevant suggestions from the aspects of strengthening shadow banking supervision and strengtheninggovernance of SMEs in Shandong Province.