Shadow Banking System,Audit Opinions And The Cost Of Debt Financing For Small And Medium-Sized Enterprises

In the past 40 years of Reform and Opening up,China's small and medium-sized enterprises have become the engine that drives the rapid development of the national economy.However,due to its own weakness and China's financial repression and credit discrimination,it is difficult for SMEs to obtain sufficient development funds from financial systems such as banks.The problems of high financing constraints and high cost are always present.Shadow banking system is a research hotpot in recent years.China's shadow banking system relies on the banking system,engages in credit and credit-like businesses,and provides debt funds directly or indirectly to SMEs through entrusted loans and trust plans.It is trusted by SMEs because of its flexible business model and low participation threshold.This paper takes shadow banking system as the research entry point,constructs the shadow banking metrics,uses the audit opinion as the adjustment variable,and takes the SME debt financing cost as the foothold.In the main line of research on the linkage of Macroeconomic Policy-Micro Enterprise Behavior,The large-scale empirical method is used to systematically examine the role of shadow banking system in the financing of SMEs and the regulatory role of audit opinions.According to the theory of financial innovation and the theory of financial inter-mediation,this paper studies the main business of different stages of shadow banking system and finds that shadow banking system is an extension of the banking system system,essentially an innovative financial intermediary.In an environment where traditional credit systems such as banks cannot meet the financing needs of SMEs,the borrowing funds provided by shadow bank have filled this gap in time and the scale has expanded rapidly.However,when shadow banking system meets the financing needs of SMEs to a certain extent,due to its non-standard operation and lack of supervision,it raises the financing cost of SMEs.The audit opinion is the conclusion opinion of the firm on the independent auditing activities of the company's financial statements.It contains a large amount of information,which can reflect the quality of the audited enterprise's operation,and has the function of transmitting signals to help the financial statement users to judge the company's credit status.Alleviate the information asymmetry in the capital market.In shadow banking system,audit opinions can also serve as a signal transmission function in a specific scope,which has an impact on the financing costs of SMEs.The specific research conclusions are as follows.In the full sample test,the shadow bank did increase the debt financing cost of SMEs,but the audit opinion did not function as a signal.In order to further explore the mechanism of audit opinions,the industry characteristics,property rights attributes,monetary policy,regional financial development level,capital market supervision environment and other factors were tested in groups.The results showed that:industry characteristics,auditor reputation,property rights,financial development level Differences in monetary policy and regulatory environment will limit the signal transmission function of audit opinions in the shadow banking system.The industries in which shadow banking mainly flows are deeply affected,and the cost of debt financing is high.The auditing opinions play an important role in regulating;compared with state-owned enterprises,shadow banking has more obvious improvements in the cost of debt financing for private SMEs;In high areas,shadow banking activities are frequent and subject to more regulation,which in turn will greatly increase the financing costs of SMEs.With the adjustment of China's macro economy and the tightening of monetary policy,the role of shadow banking in raising the debt cost of SMEs is also In the enhancement,it confirms the weakening effect of shadow banking on the effect of monetary policy.At this time,the regulatory role of audit opinions is more significant.SMEs in the SME board and other markets are more regulated in the market,and the standard audit opinions obtained can more effectively reduce the cost of debt financing.Shadow banking system has long existed in the social and economic environment.This paper analyzes the shadow banking in stages from the reform and opening up,grasps the leading business of different stages of shadow banking,discusses the impact of shadow banking on the financing costs of SMEs,and enriches the Macro Economic Policy empirical research on micro-enterprise behavior.Based on the actual operation of shadow banking system,in-depth study of the information adjustment mechanism of shadow banking system to improve the audit opinion of SME debt financing costs,and expand the scope of application of audit opinion.