Research On The Influence Path Of External Governance Environment On Corporate Financing Efficiency

With the rapid development of our country’s economy,a large number of studies have shown that A good governance environment is an important condition for promoting the high-quality development of the real economy,and an important guarantee for deepening the reform of the capital market and improving the overall financing efficiency of enterprises.However,under the background of my country’s economic transition,coupled with the influence of factors such as the characteristics of enterprises themselves,compared to developed countries,the internal and external governance environment of Chinese enterprises is generally poor,and it is impossible to create a good investment and financing environment for the business development of enterprises.The influence is transmitted to the internal governance of enterprises,resulting in more and more serious phenomena such as capital misallocation and managers’ pursuit of self-interest.Funds are the source of power for enterprises,but the existing literature points out that most enterprises in my country have the contradictions of high financing needs,high financing costs and low financing efficiency,which seriously restricts the development of Chinese enterprises.A good external governance environment is an important condition for the capital market to give full play to its competitiveness and its external supervision and governance mechanism,thereby alleviating corporate financing constraints.On the one hand,the external governance environment will have a direct impact on the efficiency of corporate financing,and on the other hand,it will also indirectly affect the efficiency of corporate financing by optimizing the internal governance environment and reducing corporate financing constraints.Therefore,on the basis of systematically sorting out the theoretical research on the external governance environment and financing efficiency,this paper takes all A-share non-financial listed companies from 2009 to 2018 as the research object,and uses robustness on the basis of controlling industry and time effects.Standard error regression to explore the relationship between the two.The study found:(1)There is a significant positive correlation between the external governance environment and financing efficiency,and this relationship is affected by the property rights of the enterprise and the nature of the region,that is,the improvement of the external governance environment has an impact on the financing of non-state-owned and central and western enterprises.Efficiency effects are more pronounced;(2)Using the internal corporate governance and financing constraints as intermediary variables,it is found that the higher the quality of corporate internal governance or the lower the degree of constraints in the process of corporate financing,the higher the corporate financing efficiency.In addition,in order to ensure the reliability of the benchmark regression results,this paper also conducts a robustness test of redefining the explained variable financing efficiency,replacing the financing constraint measure,and controlling the time and industry joint effects.Finally,according to the research results,it is recommended to improve the internal and external governance mechanisms of enterprises,such as improving the independent director system,balancing the ownership structure,reducing government intervention,and accelerating product market development,etc.,to optimize the internal and external financing environment of enterprises.This paper enriches the research on the mechanism of the external governance environment affecting the financing efficiency of enterprises,and has certain reference significance for alleviating the constraints of corporate financing,improving the internal and external governance environment of enterprises and enhancing the efficiency of corporate financing.