Bank-enterprise Scale Structure Matching And Financing Constraints Of Listed Companies

The financing problem is almost a problem that every enterprise in the economy may face at different stages of development.The 2016 survey by the China Enterprise Comprehensive Survey(CEGS)showed that most entrepreneurs believe that financing costs and financing channels are important factors that hinder the development of enterprises.To actively solve this problem is of great significance to the stable operation and scale expansion of enterprises(especially small and micro enterprises and private enterprises).Researchers have tried to propose a solution to the problem of financing difficulties at a theoretical level.Among them,the financial structure is considered to be an important factor affecting corporate financing,but what kind of financial structure is optimal? Lin Yifu's theory of optimal finance in new structural economics points out that the optimal financial structure is determined by the specific resource endowment conditions of the economy at a specific development stage.Considering my country's "bank-led" financial system,this article believes that while considering the composition of the financial system,the internal structure of the banking industry cannot be ignored.This article mainly examines the size and direction of the "bank-enterprise" scale structure matching degree on the financing constraints of listed companies.The 2006-2016 my country A-share listed companies are selected as the research object,creatively citing the method of variable matching in sociology,using the "sorting method" to construct the matching index,and establishing the "investment-cash flow" sensitivity model.The following conclusions are obtained:(1)The "bank-enterprise" scale matching index can significantly reduce the sensitivity of corporate investmentcash flow,that is,a good bank-enterprise scale matching structure can effectively ease the financing constraints of A-share listed companies;(2)matching The mitigation effect of the degree of financing constraints is regulated by the nature of the enterprise's property rights,and it is more obvious for private enterprises(compared to state-owned enterprises).(3)The mitigation effect of the degree of matching on the financing constraints is adjusted by the marketization degree of the company's location.The higher,the weaker the relief effect.This paper creatively proposes a specific method to measure the matching degree of the scale and structure of banks and enterprises,and studies corporate financing constraints from a new perspective of financial-real economy matching.Finally,based on the empirical analysis results,it gives the related aspects of easing corporate financing constraints and reforming the banking industry structure.policy suggestion.