| The Financial Marketization Theory originated in the 1970 s,and its key idea is that,market-oriented function mechanism could help the financial system function effectively,so as to encourage the economic growth.At the age of economic globalization,governments around the world pay more attention to the financial system reform.As for Chinese government,it has carried on the financial marketization reform since the reform and openness,in order to develop a multi-level financial market system,to enrich the financial structure,and the effectiveness of its financial system.However,there are still some deficiencies in the financial system owing to its financial repression during the phase of economic transformation in China,which is the key institutional factor why private enterprises are faced with serious financial constraints,which also leads to the limitations of private enterprises’ development,and even national economic growth.A theory demonstrates that if the financial marketization level is higher in a country or an area,the financial development level and financial allocation efficiency are usually better too,so to some degree local enterprises’ financial constraints will be released.But as for private enterprises faced with ownership discrimination,whether their financial constraints will be obviously modified when the financial marketization level improves.And furthermore,since they have different endowments,whether the effect above will be different,or whether financial marketization will extend equal favor to them.The author would like to focus on the questions above,so this paper will combine the correlation theories and domestic actual situation,to synthesize how and why private enterprises in China are faced with financial constraints,and to comb the mechanism how financial marketization influences private enterprises’ financial constraints.Furthermore,the author will combine three typical enterprise heterogeneities,such as the scale,the quality of accounting information and the political connection,to carry on the relevant theoretical analysis.On the above basis,the author will choose listed private enterprises to conduct the empirical study for private enterprises,and for grouped ones by their heterogeneities using STATA software.So,the author will come up with some conclusions and targeted policy recommendations according to the theoretical analysis and empirical analysis.The study focuses on private enterprises to study the significant institutional factor of their financial constraints from the perspective of financial marketization,which complements some empirical research achievements of Chinese financial reform for the previous studies.The study comes to conclusions below: Chinese private enterprises are truly faced with great financial constraints at the present stage,and to some degree,carrying on financial marketization reform will generally help,but unequally for all of them.Specifically,financial marketization plays a more important role for financial constraints of high-quality private enterprises,such as those with large scale or with high quality of accounting information.But for those with opposite traits,their financial constraints will not be released obviously by financial marketization reform.And with the enhancement of financial marketization,political connection will play a relatively weak part for their financial constraints.There are several policy implications,such as,the government should carry on financial marketization reform,since it is generally helpful for improving private enterprises’ financial situations.But simultaneously,since different private enterprises have different development situations,the government should issue targeted policy measures to solve the financial problems of small-scale private enterprises or those with accounting information distortion.As for financial institutions,they should determine their market position,and participate in the competition actively,so as to improve their managerial skill and competitive ability.And for private enterprises,they should take measures to obtain their strength through financial marketization reform,like improving their accounting information quality,enhancing capital accumulation or lessening political connection,in order to improve their financial conditions intrinsically. |
