| Since the official expansion of China's new three-board market in 2013,the number of listed enterprises has shown a "blowout" growth trend.As a platform to serve the financing of innovative,entrepreneurial and growth small and medium-sized enterprises,the new three-board market has broadened the financing ways of small and medium-sized enterprises in China by establishing a diversified trading system,which has eased the problem of financing difficulties of small and medium-sized enterprises to a certain extent,and enhanced the development vitality of small and medium-sized enterprises.On the other hand,due to the late start of the new three-board market,market transparency still has a certain room for improvement,resulting in China's new three-board enterprises still have a lot of difficulties in financing.Therefore,it is very urgent to strengthen the empirical research on the factors influencing the financing constraints of the new three-board enterprises in China,and to further alleviate the financing constraints of the new three-board enterprises.The financing of Chinese enterprises has shown two major characteristics for a long time: first,the nature of enterprise ownership has a great impact on the financing of enterprises.Specifically,state-owned enterprises and non-state-owned enterprises are in a different position in accessing funds,and investors are more inclined to invest in state-owned enterprises with special backgrounds.Second,under the background that China's manufacturing industry is in urgent need of transformation and upgrading to implement the connotation development,the manufacturing industry has attracted a large number of investors because of the support of the national preferential policies,which has squeezed the financing space of nonmanufacturing enterprises to a certain extent.So,in the new three-board market,is corporate finance also affected by the nature of ownership and the distribution of industries? If there is an impact,then what is the theoretical mechanism behind this effect? The answer to the above question can not only deepen the interpretation of the related problems in theory,but also have important practical value for further alleviating the financing constraints of the new three-board enterprises.Therefore,on the basis of statistical description and problem refining of the development status and financing predicament of the new three-board market in China,this paper explains the mechanism of financing constraints of State-owned and non-state-owned enterprises,manufacturing enterprises and non-manufacturing enterprises in the new three-board market because of the heterogeneity of the nature of enterprise ownership and the distribution of industry.Then,according to the theory model of investmentcash flow sensitivity,the capital expenditure is taken as the explanatory variable,the operating cash flow as the core explanatory variable,and the influence degree of the financing constraint of the new three-board listed enterprises in China is tested empirically by using the standard panel data model from the perspective of the nature of ownership and industry distribution of different enterprises respectively.On the premise that the results of the basic regression are remarkable,the robustness test is carried out by changing the regression method in order to increase the credibility of the regression results.Finally,on the basis of theoretical interpretation and empirical test conclusions,this paper puts forward some policy suggestions to alleviate the financing constraints of enterprises in the new three-board market.Through theoretical exposition and empirical test,the article draws the following conclusions: New three-board enterprises because of the small scale,the low level of corporate governance is generally affected by financing constraints.State-owned enterprises as the carrier of the preservation and appreciation of Stateowned assets,the state will provide funds and policy support for the development of state-owned enterprises,which helps to enhance the trust of financial institutions in state-owned enterprises.Therefore,the connection between state-owned enterprises and the government has created a favorable market environment for enterprises to finance,and has not been affected by financing constraints in obtaining funds.and non-stateowned enterprises often have to spend higher costs to deal with the operational risks and information risks they may face,showing a high degree of investment-cash flow sensitivity,that is,by strong financing constraints.Under the background of the implementation of the connotation development of the transformation and upgrading,the manufacturing industry enjoys more tax and fiscal policy concessions than the non-manufacturing industry,and when the manufacturing enterprises are faced with higher operational risks or even financial difficulties due to the influence of the national strategic differences,the government or banks are considering the realization of political and economic objectives,It will still be provided with credit funds and financing guarantees.By contrast,non-manufacturing start-ups are inevitably subject to higher financing constraints due to the tilt of State policy.In the comprehensive consideration of the nature of enterprise ownership and the impact of industry distribution on financing constraints,it is found that nonstate-owned manufacturing enterprises to a degree to reduce the degree of financing constraints faced by enterprises.In order to further alleviate the financing constraints of new three-board enterprises and solve the problem of financing difficulties of small and medium-sized enterprises,it is necessary to increase the support for non-state-owned enterprises,provide them with a good financing environment,reduce the government's control power over the development of the industry,give full play to the regulatory role of the market on financing constraints,Improve the efficiency of the use of funds. |
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