The Impact Of Fiscal Orders On The Financing Constraints Of Manufacturing Companies

For a long time,financing has become a major obstacle to the development of Chinese enterprises.Especially for private enterprises that are seriously lacking in funding sources,the financing dilemma has once become a“heart of the heart".The academic community has carried out a lot of research on the difficulty of financing enterprises,and has focused on the reasons and countermeasures of financing difficulties in Chinese enterprises.However,empirical research on financial orders and corporate finance is relatively rare.In view of this,the research of this paper is the first time to study the impact of financial orders on the financing constraints of Chinese manufacturing enterprises from the unique perspective of market demand and verify the political relevance of“demand-financing”,which is not only for corporate finance in transition countries.The acquisition characteristics of resources provide a novel complementary perspective,and can affect the financing access of enterprises to a certain extent and play its role in the allocation of market financial resources.In addition,it helps to explain the mismatch of special financial resources in China from the perspective of enterprise market efficiency,and provides a richer theoretical basis for the function of government procurement in China and the efficient use of financial fundsThe article uses the World Bank China Investment Survey data to start with the type of enterprise orders,empirically examines the impact of fiscal purchase orders measured by government and state-owned enterprise orders on manufacturing financing constraints,and analyzes relevant mechanisms.Studies have shown that government and state-owned enterprise orders have fiscal expenditure characteristics,implying politically related attributes and significantly alleviating corporate financing constraints;companies with government and state-owned enterprise orders have more financing opportunities than companies that lack government and state-owned enterprise orders.,with less financing guarantees and lower financing costs.The group study found that the impact of financial orders on the financing constraints of strong political affiliates is not obvious,and the mitigation effect on the financing constraints of weak political affiliates is more significant,indicating that the politically related attributes implied by fiscal orders make up for the gaps in corporate political relations Enhance the advantages of corporate financing distribution.The article further controls the endogenous nature of the model by using the instrumental variable method and the processing effect model,and verifies the robustness of the main conclusion.