The Influence Of Pilot Free Trade Zones On The Financing Constraints Of Enterprises

With the continuous development of economic reform,entrepreneurs often fall into the big problem of financing constraints.Establishing a financial ecological environment with high efficiency,high opening and perfect supervision has become the goal and requirement of economic and financial development at present stage.Setting up the pilot free trade zone is a major layout to comply with the development requirements.In thesis,the construction of pilot free trade zones is taken as a quasi-natural experiment,thesis investigates the impact of the construction of pilot free trade zones on the financing constraints of Chinese enterprises by using the multi-period different-difference method.Based on the existing literature,here analyzes the financing constraints faced by enterprises in different situations during the construction of pilot free trade zones.Some policy measures will ease the financing constraints of enterprises,while others will intensify them.On the basis of data,thesis comprehensively studies the impact of free trade zone policies on corporate financing constraints.It is found that the construction of pilot free trade zones has a significant positive effect on the financing constraints of enterprises,the construction of pilot free trade zones intensifies the degree of financing constraints of enterprises.In addition,thesis takes the period before enterprises become free trade zones and enterprises outside the zone as samples to conduct placebo test,proving that the empirical results generated by the data in other stages or regions are inconsistent with the conclusions of thesis,which confirms the validity of the conclusions of thesis.The stability test was carried out by eliminating interference samples and using other measures of financing constraints,which also proved the validity of the conclusion.Finally,the group heterogeneity test is conducted for enterprises according to the property right nature and enterprise size.The results show that the construction of pilot free trade zone has greater impact on the financing constraints of private enterprises than on state-owned enterprises.The construction of pilot free trade zones has a greater impact on the financing constraints of small-scale enterprises than on large-scale enterprises.It further explains the effect of the construction of pilot free trade zone on the financing constraints of enterprises,so that we can understand the existing problems and omissions in the current financial reform,and take timely measures to achieve the desired effect of policy implementation.