| With the convening of the two sessions in 2019,the problem of financing difficulty of small and medium-sized enterprises once again becomes the hot topic of the two sessions in 2019.Many studies and analyses by domestic and foreign scholars also indicate the importance of sme financing to a country's economic development,and the positive correlation between the success of financing and the capital structure,debt paying ability and operating efficiency of enterprises has been verified.As the supreme leader of an enterprise,the characteristics of sme legal person,such as political connection and educational background,influence the financing decision of an enterprise.So for China's rapid development of small and medium-sized enterprises,the enterprise legal person's educational background and political relevance and other characteristics of how to affect their credit financing?Does it promote or hinder?What are the effects on short-and long-term credit financing?Based on the above questions,this article explains the information asymmetry theory,credit rationing theory,relationship lending theory and entrepreneur theory,and our country small and medium-sized listed companies from 2015 to 2017 of the 2250 samples,with education background,political association of enterprise legal person or virtual variables as explanatory variables,after controlling for firm size,firm growth opportunities,business management ability and profitability after the relevant variables,such as the design characteristics of the enterprise as a legal person of enterprise debt financing model,the influence of the empirical test of the enterprise as a legal person with least-square method with different educational background and political association for small and medium-sized listed companies the difference between short-and long-term debt financing.Empirically based on the above,in this paper,considering the particularity of China's political system as well as short-and long-term bank loan structural problems,this paper introduced the political association types of two dimensions virtual variable as the explained variable,education background and other control variables under the same conditions for both short-term and long-term debt financing to do the further inspection,and compare the legal characteristics of the impact on the long-term debt and short-term debt financing.In addition,in order to make a comprehensive and accurate study,this paper makes a comparative analysis of the regression results of small and medium-sized non-listed enterprises and listed enterprises.Finally,the ratio of the actual financing quota obtained by small and medium-sized enterprises to the expected financing was substituted for the bank loan,and other explanatory variables and control variables were kept unchanged for the robustness test.The results were consistent with the empirical results in this paper.The research shows that the educational background and political connections of corporate legal persons can significantly promote the debt financing of small and medium-sized listed enterprises.(1)on the whole,the educational background and political association of listed smes in China are positively correlated with their long-term and short-term debt financing,indicating that enterprises can reduce their bank borrowing difficulties by improving their educational background and political association.(2)when an enterprise as a legal person the same education background,control other financial indicators variables at the same time,the introduction of an enterprise as a legal person of the central political association and local political two dimensions associated research results show that both local political relation and the central political association of enterprise legal person,its effect on short-and long-term bank loans are positively correlated,but the enterprise legal person of the central political association promoting effect is not significant,showed the local political associated enterprise as a legal person to the ascension of debt financing effect is stronger than the central political association.(3)by comparing the difference between the influence of corporate characteristics on long-term debt financing and short-term debt financing,the results show that the effect of corporate education background on short-term debt financing is slightly higher than that on long-term debt financing,while the effect of corporate executives' political affiliation on long-term debt financing is slightly higher than that on short-term debt financing. |
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