| At the end of 2019,the sudden outbroke of the COVID-19 had a huge impact on China’s social order and economic development,and China faced unprecedented challenges.In order to alleviate the impact of the epidemic on the economy,various countries around the world have taken various control measures,but this has also affected the normal exchange of economic and trade,the global supply chain has been partially broken,and the market consumption demand of various countries has shrunk significantly.Affected by the epidemic,various industries in China have reduced and stopped production to varying degrees,and normal production and operation activities have been seriously impacted.While the market demand is shrinking,these enterprises still have to face various expenses,and the capital pressure is increasing sharply,and they urgently need more external financial support.Since the outbreak of the COVID-19,the Chinese government has implemented many policies to increase credit to enterprises and help them overcome difficulties.However,under the circumstances of large economic fluctuation,intensified market information asymmetry and high investment risk,the implementation effect of financial policy is uncertain,and simple credit policy faces great challenges in easing the financing constraints of SMEs.In this context,this study focuses on the issue of government support to ease corporate financing constraints,and focuses on the changes in the effect of government support on corporate financing constraints under the impact of the COVID-19 epidemic.The study of this important issue will,on the one hand,help to supplement the relevant research on government support and corporate financing constraints,and on the other hand,provide reference for the government departments to formulate relevant policies on corporate financing and relief under the epidemic.This study takes government subsidies and enterprise financing constraints as the research object to explore the effect and changes of government subsidies on enterprise financing constraints in the context of the outbreak of the epidemic.First of all,this study combs and analyzes the relevant literature.On the basis of the existing literature,based on the effective market hypothesis,information asymmetry theory,signal transmission theory,government intervention theory,implicit guarantee theory and other relevant research theories,this sdudy analyzes the government subsidies and corporate financing constraints and puts forward research hypotheses.The empirical part takes the annual data of China’s A-share listed companies from 2015 to 2019 and the quarterly data from 2018 to 2020 as the research samples of normal economic conditions and epidemic impact conditions,empirically studies the impact of government subsidies on corporate financing constraints under normal economic conditions and epidemic conditions,as well as the changes in the effect of government subsidies,and conducts heterogeneity analysis based on the nature of property rights,regional and local financial strength,After that,the mechanism is analyzed from the perspective of direct effect and indirect effect of government subsidies,and the robustness is tested.Finally,this study summarizes the research conclusions and puts forward policy recommendations.The main research conclusions of this study are as follows:(1)Government subsidies have a significant mitigation effect on corporate financing constraints,and the mitigation effect of government subsidies on corporate financing constraints is significantly enhanced under the impact of the epidemic.(2)Under normal economic conditions,government subsidies have a significant mitigation effect on the financing constraints of private enterprises,but not on state-owned enterprises.However,under the impact of the epidemic,the mitigation effect of government subsidies on the financing constraints of private and state-owned enterprises is significantly enhanced;Under normal economic conditions,government subsidies have significantly alleviated the financing constraints of enterprises in the eastern,central and western regions,but under the impact of the epidemic situation,the effect of government subsidies on alleviating the financing constraints of enterprises in the eastern region has been significantly enhanced;Under normal economic conditions,government subsidies have significantly alleviated the financing constraints of enterprises in areas with strong financial strength,while under the impact of the epidemic,government subsidies have significantly enhanced the role of alleviating the financing constraints of enterprises in areas with weak financial strength.(3)In terms of direct effect,government subsidies can significantly improve the cash flow situation of enterprises and directly alleviate the financing constraints of enterprises;In terms of indirect effect,government subsidies can significantly improve the external equity financing level of enterprises through signal transmission effect,thus indirectly alleviating the financing constraints of enterprises.The research results of this study reveal the change of the effect of government support on corporate financing constraints under the impact of public health emergencies,and further analyze the indirect impact mechanism of government behavior on corporate financing activities.The relevant research conclusions have practical reference significance for the government to formulate and implement policies to improve corporate financing conditions and improve corporate financing efficiency. |
