Research On The Influence Of Financial Institutions’ Shareholding On Corporate Debt Financing

There is a relationship between real economy and finance that promote and restrict each other.In the process of rapid development and progress of finance,the real economy will also be positively affected.on the contrary,the continuous improvement of the real economy will have a countereffect on the financial development.as far as the development process of the financial industry is concerned,if the development of the financial industry is over-expanded and non-financial enterprises enter the financial industry,there will be the phenomenon of debt financing(financialization).This phenomenon first appeared in the United States,because the American financial industry developed by leaps and bounds in the middle and late 1970s,and the impact on other industries became more obvious and prominent.The financial industry even played a dominant role,and its status once exceeded that of the real economy.This paper focuses on the impact of corporate debt financing and shareholding of financial institutions.First of all,on the basis of understanding the background of debt financing,this paper summarizes and integrates the literature of debt financing of non-financial enterprises at home and abroad.Secondly,explain the concepts and related theories involved in the research process.The concept mainly includes enterprise equity financing and debt financing;the theory mainly includes the theory of shareholder value maximization,financial restraint,financial capital circulation,financial deepening and so on.In the process of empirical research,this paper takes the listed enterprises in Shanghai and Shenzhen stock markets as the research object,selects the data from 2007 to 2020,and the original data of each variable index are collected in Wande database and Guotai’an database.and made a series of screening processing to the collected sample data.This paper analyzes the specific impact and differences of institutional investors on the debt financing of non-financial enterprises.At the same time,it also further analyzes the enterprise scale,the geographical location of the enterprise and the nature of property rights,the role characteristics and specific differences of these elements when non-financial enterprises obtain investment.Then,it analyzes the impact of debt financing brought by institutional investors for non-financial enterprises.And then,it is affected by the enterprise life cycle,the enterprise scale,the region where the enterprise is located and the heterogeneity of different property rights.Finally,summarize the conclusions of the full text and get the corresponding policy enlightenment.This paper will study how to make enterprises develop from real economy to finance.From the point of view of financial institutions,this paper makes a specific analysis of what motives and reasons enterprises generally choose the way of debt financing and the results of dividend profits.This paper introduces the theory of financial deepening and financial constraint,the theory of equity check and balance,the theory of information inequality and the theory of risk-return tradeoff,aiming at the differences of investment planning implemented by financial institutions in different stages.in order to further explore the positive effects of current debt financing and the role and mechanism principle of "entity intermediary".By consulting the existing literature in related fields,we can find that most of the literature are carried out from different types of financial institutions,which are different from these literature.this paper will analyze the relevant information about the investment of financial institutions from the company’s point of view,classify the stage of the company,so as to explore the differences reflected by these companies in financing,so as to make the results more accurate.There will be no corresponding errors due to different investment plans adopted by different types of institutions.