Research On Government Intervention,Regulatory Intensity And Corporate Financing Behavior

No matter which capital structure theory is used to explain the financing behavior of enterprises,the external institutional environment is an important and even decisive influencing factor.The changes in these external factors also make the theory of corporate finance a phased and partial theory.In recent years,with the continuous development and gradual improvement of China’s capital market,financial supervision and government intervention tend to be prudent and rational,and the level of liberalization and marketization of the financial system has been continuously improved,under such a background,how to change the financing behavior of enterprises,how to affect government intervention and financial supervision on the financing behavior of enterprises,is a theoretical and practical topic worthy of in-depth study.This paper brings the government intervention and the comprehensive supervision intensity index based on principal component analysis into the Ordered-Probit model,taking A-share enterprises listed on Shanghai and Shenzhen Stock Exchange from 2007 to 2020 as samples,empirically tests their impact on enterprise financing behavior,and investigates the heterogeneity of the impact of supervision intensity on enterprise financing behavior under the regional difference of government intervention.The study found that there was a significant negative correlation between government intervention and supervision intensity and external financing preference of enterprises;Group regression shows that there are regional differences in the impact of government intervention and regulatory intensity on corporate financing behavior;The comparative analysis between marginal effect groups shows that due to the difference of government intervention intensity,the impact of regulation on enterprise financing behavior will weaken with the strengthening of government intervention.At the same time,the prediction results of enterprise financing mode selection probability show that:on the whole,enterprise financing preference follows the order of bank loan,equity financing,endogenous financing and bond financing;Compared with the weak intervention group,in addition to bank loans,the strong intervention group prefers endogenous financing,while the weak intervention group prefers equity financing.Through the previous theoretical analysis and empirical research results,this paper puts forward relevant policy suggestions:first,government intervention should be adjusted to local conditions,cautious and restrained,and avoid rough and short-sighted intervention caused by the "GDP only" view of political achievements;Second,accelerate the joint-stock reform of regional small and medium-sized banks,ensure their relative independence and avoid excessive government intervention in their credit behavior;Third,develop the multi-level capital market,broaden the external financing channels of enterprises,guide the rationalization of their financing behavior,and avoid the excessive dependence of enterprise financing on bank loans;Fourth,implement differentiated regulation,that is,implement strong regulation in areas with strong government intervention to avoid excessive weakening of regulatory effectiveness by government intervention.