| In October 2017,the report of the Nineteenth National Congress of the Communist Party of China put forward "accelerating the construction of an innovative country".Innovation is the strategic support for building a modern economic system and the first driving force for social development.And high-tech enterprises are the main body that implements innovation and are the driving force for China to build an innovative country.And small and medium-sized high-tech enterprises are the main force of high-tech enterprises.The healthy development of small and medium-sized high-tech enterprises has largely determined whether China can successfully build an innovative country.However,due to their high proportion of intangible assets and high initial investment,small and medium-sized high-tech enterprises also have certain disadvantages in financing issues.In the process of development,small and medium-sized high-tech enterprises are often plagued by difficult and expensive financing issues.Funding issues have become a major problem restricting the development of small and high-tech enterprises.Since China's reform and opening up,the financial market has undergone tremendous changes.In recent years,China has also continued to promote financial market reform.However,as a developing country,China's financial system is still incomplete,and the main external financing channels for small and medium-sized high-tech enterprises It is still a financial intermediary such as a bank.The reform of the banking industry market has always been the focus of China's financial system reform.The banking market is the main body of our financial market.With the development of economy and technology,China's banking market is gradually diversifying.Moving forward,the structural reform of the banking industry has also become a research hotspot for alleviating the financing constraints of small and medium-sized high-tech enterprises in China.At present,scholars have mostly studied this issue from the perspective of a certain industry,market,etc.on the reasons and influencing factors of corporate financing constraint industries.On the more micro level,this article takes the case study of Yonghe Intelligent Control and its banking market in Taizhou as a research object,and uses the method of establishing a regression model to demonstrate the impact of changes in the banking competition in Taizhou on Yorhe Fluid Intelligent Control Co.,Ltd.'s financing constraints.First,this paper analyzes the characteristics of small and medium-sized high-tech in China as well as the development of China's banking market over the years,and then this paper case enterprise Yorhe Fluid Intelligent Control Co.,Ltd.for specific,Yorhe Fluid Intelligent Control Co.,Ltd.was completed in 2014 by the traditional general equipment manufacturing enterprise to high and new technology enterprise.Then this paper analyzes the loan demand of Yorhe Fluid Intelligent Control Co.,Ltd.Then this paper analyzes the financing availability and loan cost changes of The relationship Banks of Yorhe Fluid Intelligent Control Co.,Ltd and analyzes the problems in the process of obtaining bank loans.it generally shows a downward trend.In order to further study on banking competition Yorhe Fluid Intelligent Control Co.,Ltd.the influence of financing constraints,this paper use Yorhe Fluid Intelligent Control Co.,Ltd.of past financial data and build TaiZhou bank competition index,using the modified cash-cash flow sensitivity of the model to carry on the empirical analysis,the results found Yorhe Fluid Intelligent Control Co.,Ltd.for the prevention of motivation,have sufficient cash reserves,which show the financing constraints.By adding the cross term of bank competition and cash flow,the results show that with the enhancement of banking competition in TaiZhou city,Yorhe Fluid Intelligent Control Co.,Ltd.'s financing constraints have not been alleviated as expected,but have been aggravated.So then,this paper Yorhe Fluid Intelligent Control Co.,Ltd.their own financing options and TaiZhou the operation strategy of small and medium-sized Banks is analyzed,the results show that the cause of this situation on the one hand is Yorhe Fluid Intelligent Control Co.,Ltd.accused of financing channel choice by exogenous financing into endogenous financing gradually,at the same time,although TaiZhou small and medium-sized commercial Banks has developed rapidly,but the lack of the target customer orientation Yorhe Fluid Intelligent Control Co.,Ltd.the characteristics of small and medium-sized high-tech enterprises of the bank.Through the combination of specific case study and empirical analysis,this paper analyzes the influence of bank competition on the financing constraint of Yorhe Fluid Intelligent Control Co.,Ltd.holding co.Finally,some Suggestions are put forward from the perspective of the development of the banking industry and the operation of Yorhe Fluid Intelligent Control Co.,Ltd. |
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