Research On The Influence Of Regional Marketization On The Financing Structure And Constraints Of Local Listed Companies

Listed companies are an indispensable force to promote the development of modern economy,and obtaining sufficient and stable financial support is essential to the development and growth of listed companies.With the continuous promotion of Regional Marketization in China,the influence of Regional Marketization on the financing of listed companies gradually appears.This paper analyzes the influence of the degree of marketization on the financing structure and financing constraint of local listed companies from the perspective of regional marketization.The data source of this paper is the financial data of all A share listed companies from 2008 to 2018,Through empirical analysis,the following conclusions are drawn:In terms of financing structure,in regions with higher degree of regional marketization,local listed companies tend to use equity financing and short-term debt financing in external financing compared with debt financing.In the market-oriented secondary index,the relationship index between the government and the market and the development degree of the product market have a significant impact on the financing structure and the degree of financing constraints of listed companies.Among the control variables,the growth and operation ability of listed companies are the most significant.In terms of the degree of financing constraints,the higher the degree of Regional Marketization,the lighter the degree of financing constraints of local listed companies.On the basis of the theoretical and empirical analysis,the paper puts forward suggestions to optimize the financing structure of listed companies and reduce the financing constraints of listed companies: it is urgent to improve the level of Regional Marketization and promote the improvement of credit supervision mechanism and legal system from both the government and the enterprise,so as to promote the listed companies to achieve a scientific and reasonable financing structure,so as to reduce the financing constraints as much as possible Degree.