Research On Credit Financing Constraints Of Private Enterprises

Private enterprises have an irreplaceable position in the national economy,but are still at a disadvantage in obtaining funds from formal finance,and their credit needs are difficult to obtain effective supply from financial institutions.Therefore,this article takes the problem of credit constraints of private enterprises as the research theme,sorts out the theoretical basis of credit constraints of private enterprises,analyzes the impact of credit constraints from the macro environment and micro characteristics of enterprises,and gives corresponding countermeasures.This paper first uses the data of private listed companies in China from 2004 to 2018 as a sample to establish a cash-cash flow sensitivity model to examine the impact of credit financing of private enterprises in macroeconomic fluctuations.Second,it uses the data of private listed companies in China from 2008 to 2018.As a sample,a panel data model and a Bayesian quantile regression model were established for comparison and analysis,and the relationship between the size of the enterprise,entrepreneurial characteristics,growth ability,profitability,operating capacity,asset tangibility,and private enterprise credit financing was tested.The research results show that:(1)Compared with the economic upswing,the credit constraints of private enterprises are more severe during the economic downswing.(2)The size of the enterprise,the tangibility of assets,the property rights ratio,and growth indicators are significantly positively related to credit availability,consistent with the expected direction;the total asset turnover rate is significantly negatively related to credit availability,and is not consistent with the expected direction;The return on equity indicator did not show significance.(3)The positive influence of corporate size on credit availability is not a simple linear relationship but presents an "inverted U-shape";private entrepreneur characteristics have a positive relationship below the 75% constraint level,75% Above the constraint level,there is a negative correlation;there is a negative correlation between the growth of the company below the 25% constraint level,and a positive correlation above 50%.Based on clear questions and empirical analysis,the following suggestions are put forward:(1)Private enterprises must continuously improve their quality and reduce information asymmetry between banks and enterprises;(2)Guide and develop commercial credit and private financial institutions Broaden the financing channels of private enterprises;(3)The government should give full play to its macro-control functions,improve the financing environment,and enable enterprises to better respond to changes in the macro environment.