Research On The Impact Of Bridge Loan Financing On The Performance Of Small And Medium-sized Enterprises

Small and medium-sized enterprises(smes)play an important role in maintaining stable growth,promoting reform,adjusting economic structure,improving people’s livelihood and preventing risks.With the change of international and domestic market environment,smes are facing increasing production costs,financing difficulty and high cost,and lack of innovation and development capacity,which has aroused great attention.Taking supply-side structural reform as the main line,the 19 th Party congress will further stimulate the vitality and development impetus of small and medium-sized enterprises,solve the problems of financing difficulty and high financing cost,and promote the healthy development of small and medium-sized enterprises.The financing difficulty of small and medium-sized enterprises(smes)has become the main bottleneck restricting the development of smes in China.How to solve the financing problem of small and medium-sized enterprises and implement effective policies to solve the financing problem is an important issue in front of us.In recent years,a large number of small and medium-sized enterprises through bridge loan financing to solve the urgent problem,bridge loan financing on the enterprise performance will be how to affect it? This paper takes the small and medium-sized non-financial listed enterprises in Shenzhen Stock Exchange of China from 2006 to 2018 as samples,and uses panel model to do empirical research,the results show that there is a negative correlation between the degree of Bridge Loan Participation and the performance of smes.The main reason is that the high interest rate of bridge loan leads to high financial cost,which increases the financial burden.Further analysis shows that private smes suffer more negative effects than non-private smes,and that smes in the central region suffer more serious negative effects than those in the eastern region,the negative effects are more severe for smaller smes than for larger ones.On this basis,we put forward the following recommendations:(1)the People’s Bank of China can improve precision credit reporting,help smes financ ing.(2)for high-quality small and medium-sized enterprises,banks and other financial institutions may adopt new and old repayment methods,scientifical ly set loan term,simplify approval procedures,and improve loan efficiency.(3)developing financial technology to reduce the Information asymmetry bet ween banks and smes local governments can also set up third-party bridge r evolving funds outside banks and enterprises according to local conditions to ease the difficulty and high cost of financing for smes.