Research On The Impact Of Financial Disintermediation On The Financing Of Non-financial Enterprises

With the continuous growth of financial capital and the continuous improvement of financial system,with the development of direct investment and financing channels such as bond market and stock market,and the emergence of virtual financial intermediaries such as Internet finance,capital selection is no longer limited to financial intermediaries such as traditional banking industry,financial disintermediation has become the development trend of China's financial market.In order to maintain the healthy development of China's financial market,the relevant departments have repeatedly emphasized to enhance the ability of financial services to the real economy,and enterprises with financing needs are important participants in the financial market,and the private enterprises have more financing difficulties compared with state-owned enterprises.Is financial disintermediation good for China's financial market development? will financial disintermediation be able to improve the financing environment of enterprises,improve the ease of private enterprises financing difficulties ? This article using the unbalanced panel data to carry on the empirical analysis through to 2004-2018 A-share non-financial listed companies,measuring the financing needs of enterprises through two variables: the actual amount of financing of enterprises and the difference between the growth of enterprises and the endogenous growth that can be realized,measuring the financing constraints faced by the investment-cash flow model.Constructing the financial disintermediation index,from two aspects of financing demand and financing constraints to measure financial disintermediation effect on the financing of enterprises of different ownership.The empirical results show that financial disintermediation enables commercial Banks to transfer credit funds from state-owned enterprises to private enterprises,improves the uneven distribution of credit funds between state-owned enterprises and private enterprises,increases the financing demand of enterprises,and has a more significant impact on the financing demand of private enterprises.Financial disintermediation can reduce the financing constraints of enterprises and has a more significant impact on the financing constraints of state-owned enterprises.Further regional sample analysis of private enterprises shows that financial disintermediation increases the financing demand of private enterprises less in the eastern region and more in the central and western regions.Financial disintermediation reduces the financing constraints of private enterprises to a greater extent in the eastern region and a lesser extent in the central and western regions.Through the research results,this paper argues that financial disintermediation can enlarge the scale of enterprise financing,reduce the financing cost,improving difficult financing for private firms to some extent,so this article encourage financial disintermediation in financial markets,encourage enterprises,especially private enterprises finance disintermediation,support direct financing channels,such as bonds,stock market develop and product innovation,to do better financing services for the enterprise.