Green Finance,Corporate Governance And Financing Constraints Of Small And Medium-sized Enterprises

Under the background of global economic warming and serious deterioration of climate and environment,green development has become the development trend of all industries.Green finance as a mode that can promote the sustainable development of economy arises at the historic moment and attracts the attention from all walks of life.In China,small and medium enterprises are the backbone to support the rapid economic development of our country,but the channel of financing for small and medium-sized enterprises is narrow and the prospect of development is worrying.With the emergence of green credit mechanism,SMEs are reluctant to lend long-term loans to SMEs because of their low credit rating.Therefore,it is imminent to promote the development of green finance and improve the financing constraints of SMEs In addition,a reasonable corporate governance structure can reduce information asymmetry within the company,reduce management costs,improve the company’s daily operating efficiency,enhance the green credit rating of small and medium-sized enterprises,make it easier for the enterprises to obtain loans from the banks,and reduce the financing constraints.This paper focuses on two levels of corporate governance and green finance,and empirically studies its impact on corporate financing constraints.The first chapter mainly includes the background and significance of the research,the literature review,the contents,ideas and framework of the research,and introduces the innovation of the article.The second chapter mainly introduces the concept of SMEs,green finance and corporate governance,and also introduces the financing status of SMEs.In addition,the criteria for selection and selection of indexes are briefly described,and the theory of panel data models is briefly described.The third chapter is the empirical analysis of this article,which includes the selection of the model and the empirical study of the role of green finance and corporate governance on the financing constraints of small and medium-sized enterprises.In this paper,366 listed companies of small and medium-sized board manufacturing industry in 2011-2015 years as the research object,data preprocessing and stability test,using Hausman test and F test to determine the model type.Then,the relevant statistical analysis of the variables is carried out,and the relationship between the green finance and corporate governance is obtained,and the fixed effect panel data model is established.It is concluded that corporate governance can promote the development of green finance,and the green finance and corporate governance have a relieving effect on the financing constraints of small and medium-sized enterprises.The fourth chapter is mainly based on the above conclusions,and puts forward some policy recommendations to alleviate the financing constraints of SMEs.The fifth chapter is a summary and Prospect of the full text.Based on previous studies,this paper simplifies the indicators and constructs a new index system to make the research results clearer and clearer.The conclusion shows that the corporate governance level and the green finance are all related to the loan financing obtained by the enterprise,which shows that the corporate governance and the green finance can alleviate the financing constraints of the enterprise,and the higher the corporate governance level,the more favorable the disclosure of the enterprise information,thus the environmental information disclosure will be improved accordingly and the information asymmetry is reduced.It can improve the credit level of the company,increase the loan willingness of the banks and other financial institutions to small and medium-sized enterprises,and reduce the financing constraints.That is,the level of corporate governance will help to improve the enterprise’s Green Financial degree,and then alleviate the financing constraints of small and medium-sized enterprises.