The Measurement Study Of The Relationship Between Financial Friction And Enterprise Financing Constraints Under The Background Of Internet Financial

Internet financing is one of China’s emerging industry form, the development of a few years is particularly significant, causing the attention of the whole society, in 2015 the first quarter of third Internet payment business transactions reached 252 billion 800 million yuan, in 2014, China’s P2 P lending transaction volume reached 2.39 yuan, times in 2013, ranking first in the world. Although with the deepening of financial reform, the problem of financing constraints of enterprises in our country can not be ignored. Internet financing provides a new financing channel for the investment and financing, as one of its other communication "bridge", the expansion of China’s resource allocation channels, the financing of small and medium enterprises to provide a new solution to the problemIn view of this, this paper draw on the basis of the relevant research results at home and abroad, using China’s listed company data, IResearch provided data and the people’s Bank of China to provide loans and the third party payment data, where data time from 2009 First Quarter – 2015 First Quarter. In the actual control of investment opportunities and business ability, we use the classic model of investment cash flow sensitivity model build broadened investment cash flow model in order to research whether financial market frictions and the development of Internet financing can alleviate the small and medium-sized enterprise financial constraint level, as well as whether the behavior of which Internet financing weakens the corporate financial constraints through the financial markets. Fourth, the Internet banking weaken financing constraints for SMEs through financial markets, however, the relative effectiveness of this effect is small; therefore, the extent to which the Internet can actually solve the financial problem of financing SMEs is doubtful. From the co-integration test results, the financial development of China’s Internet and financial frictions affect the investment behavior of enterprises in two ways: first, through the influence of external corporate financing activities, the second is a direct impact on business investment activities.Based on the research, this paper proposes the corresponding countermeasures and suggestions, in order to provide a theoretical reference for the development of Internet financing in China, to solve the problem of enterprise financing constraints.