Research Of The Influence Of Credit Information Systems On Corporate Financing Constraints

Over the past 40 years of reform and opening up,Chinese enterprises have made great progress.However,the problem of financing difficulties and high financing costs is still one of the important bottlenecks which hinder the development of enterprises.By alleviating asymmetry information problems between the borrower and the lender,the construction of credit reporting systems can help alleviate corporate financing constraints.Therefore,more and more people have begun to pay attention to it.In the recent years,domestic and foreign scholars have made fruitful achievements in the study of credit reporting systems.But the existing empirical research mostly focuses on the impact of credit reporting systems on bank credits at the macro level and there are few papers examine the impact on the enterprises from the micro level.This paper aims to discuss the impact of credit reporting systems on corporate financing constraints by using the hierarchical linear model which would broaden the perspective of existing research and provide a theoretical basis for formulating relevant policies.First we make the hypothesis by logical reasons and then make empirical tests.Finally we make policy recommendations.On the basis of reviewing a lot of literatures,this paper analyzes the micro-action mechanism of credit reporting systems affecting corporate financing constraints,and then proposes research hypotheses.Based on the data from World Bank's enterprise surveys,we take 36425 companies in 69 countries from 2010 to 2014 as study samples and use the hierarchical linear model(HLM)to make empirical testing.The results show as follows:(1)The credit reporting systems can significantly alleviate corporate financing constraints;(2)In countries with better credit reporting systems,SEMs and companies with lower information transparency have lower financing constraints;(3)On the issue of alleviating corporate financing constraints,creditor protection and credit reporting systems are complementary;(4)The public credit agency and the private credit bureaus have mutual restraining effects in alleviating corporate financing constraints.