Business Environment,Bank Enterprise Relationship And Credit Financing Constraints Of Small And Medium Enterprises

Small and medium enterprises play an important role in the national economy and have made positive contributions to promoting economic growth,stimulating employment,increasing government taxes,improving technological innovation ability and improving the function of market economy.For small and medium enterprises,due to their own factors such as small capital scale,imperfect corporate structure,non-standard financial statements,opaque information and large profit fluctuation,as well as the high threshold of the securities market,imperfect venture capital system,high threshold of corporate bond issuance,and external factors,it is difficult for small and medium enterprises to directly finance.Based on the relevant research theories at home and abroad,combined with China’s current credit market situation and financial environment,this paper studies the main factors affecting the credit financing constraints of small and medium enterprises in China from the perspective of business environment and bank enterprise relationship,and enriches and develops the relevant theories of credit financing constraints of small and medium enterprises.On the basis of theoretical analysis,this paper puts forward eight hypotheses of credit financing constraints of small and medium enterprises,and constructs an econometric model to empirically test the hypotheses.Using the panel data generalized moment estimation model,this paper tests the impact of the length of bank enterprise relationship and the scale of bank enterprise relationship on the credit constraints of small and medium enterprises,and tests the robustness of the model results.The empirical results show that:(1)business environment has a significant positive impact on enterprise credit availability and a significant negative impact on enterprise credit cost,and these effects are more prominent in non-state-owned enterprises.(2)The close relationship between banks and enterprises makes it easier for small and medium-sized enterprises to obtain loans;Good bank enterprise relationship makes the loan cost of small and medium-sized enterprises higher.(4)The nature of ownership has a significant impact on enterprise loans.Under the same conditions,banks prefer to extend loans to state-owned enterprises.Based on the empirical results,policy suggestions are put forward.With the rise of private economy,the development potential of small and medium enterprises should be paid attention to.Banks can appropriately abandon credit discrimination against non-state-owned enterprises based on comprehensive evaluation.For enterprises,building a good bank enterprise relationship is very important to improve credit availability and reduce credit cost.The number of relationship banks of small and medium enterprises should not be too large,because the study found that the number of bank enterprise relationships has a significant positive effect on loan costs.Regulators can consider appropriately increasing the information disclosure requirements of large and small medium enterprises,alleviate the information asymmetry between banks and small and medium enterprises,and promote the healthy development of the credit market.