| China’s economy has been in a new state of affairs,the implementation of the industrial policy is particularly significant for China.Before the implement of industrial policy,it requires for evaluating of the effectiveness of industrial policy.How to assess the economic effects of industrial policy becomes an urgent work.Financing constraint is an significant gambit in research field of financial accounting.There exists many factors can influence enterprise financing constraints,including the relationship network,cash holdings,financial development,accounting conservatism,commercial credit and institutional investors and so on..Financial constraints apply an effective perspective for assessing the economic effect of industrial policy.This paper takes the A-share listed companies in 2005-2015 as the research sample,and discusses the influence of the industrial policy on the constraints of finance.The outcome state clearly that the industrial policy by improving financial ecological environment to reduce the financing constraints,but the degree of easing financing constraints of private enterprise incentive effect is more obvious,go a step further consider shows that developed financial system and the legal protection system and the smooth transmission of information was the substitute for industrial policy incentive.This paper also empirically tests the transmission path of the influence of industrial policy on corporate financing constraints.The outcome of this consider shows that government meddle in the market maybe not flawless,it also may not be able to achieve the expected economic effect,the key issue is to make a choice between the imperfect government and defective marketplac.The key to resolve the problem of financing constraints of Chinese private enterprises is to establish a fair business environment.This paper provides empirical evidence for the economic consequences of the implementation of industrial policy,and plentfull the comprehend of the route of industrial policy affecting the real economy. |
