Scale Structure Of Financial Industry, Information Disclosure Quality And Financing Constraints Of Small And Medium-Sized Enterprise

Small and medium-sized enterprises in promoting China's economic growth,improving people's livelihood has an irreplaceable role; However, due to the scale of financial structure and economic structure does not match, the small and medium-sized enterprises face serious financing constraints. In an important period of economic transformation and upgrading, study how to ease the small and medium-sized enterprises financing constraints, has very important theoretical value and practical significance.Small and medium-sized enterprise financing constraints problem was discussed, the traditional view to focus on the demand side of funds, the problem due to small and medium-sized enterprise information opaque, lack of collateral, the financing factors such as small scale, but according to Justin yifu Lin, the proposed new structure optimal financial structure theory in economics, money supply is also to blame. Factor endowment structure determines the small and medium-sized enterprises in China is the optimal industrial structure, the main business types, but the current scale of financial structure is dominated by large and medium-sized financial institutions, the development of small and medium-sized financial institutions. In development into the new normal, compounded the financing difficulties of small and medium-sized enterprises, from a new Angle to study the financing constraint problem is of great significance.In view of the financial sector and the real economy structure does not match the status quo, this paper puts forward the new structure of economics such as Lin optimal financial structure theory as a foundation, to small and medium-sized enterprise board listed companies as samples, based on the ACW model, the empirical finance scale structure improvement and the enterprise information disclosure quality improve relief for small and medium-sized enterprises financing constraints, the quality of information disclosure of financial sector structure and the influence of the small and medium-sized enterprise financing constraints. Put forward compared with the development of financial total, with development of small and medium-sized financial institutions as the core content of financial structural reform should be accounted for priority in China's financial reform, development of small and medium-sized financial institutions is to promote the economic prosperity of the most feasible and economic choice; Regulators and enterprises should pay more attention to information disclosure quality, ease of small and medium-sized enterprise financing difficult problem.