Research On The Influence Mechanism Of Financial Consultant System Innovation On Private Enterprise Financing

"Financing is difficult and expensive" is a problem that has always existed in China’s private enterprises.In 2018,the downward pressure on the economy increased,and the financing difficulties of private enterprises became more prominent.In order to help the majority of private enterprises solve financing problems,prevent and resolve regional financial risks,and ensure the sustained and healthy development of the economy,Zhejiang Province has pioneered the introduction of a financial advisory system in the province by drawing on the model of corporate legal counsel.In the three years since the birth of the financial advisory system,from the initial 10 counties(districts)pilot to achieve coverage of the province,the number of financial advisers in the province has increased from about 50 at the beginning to more than 460 people,the cumulative service of 8674 enterprises,providing enterprises with 87.9 billion yuan of credit financing support,help companies issue 126.1billion yuan bonds,helping 10 enterprises to successfully achieve IPO and making significant contributions to enterprise financing in Zhejiang Province.As an institutional innovation,is there a certain inevitability of the emergence of the financial advisory system? What is its impact mechanism on the financing of private enterprises? To what extent has it eased the financing constraints of private enterprises and promoted the sustainable development of private enterprises? These questions deserve our in-depth study.In order to study the above problems,on the basis of systematically sorting out the relevant literature on the impact of financial reform and financial ecological environment on enterprise financing,this paper analyzes the current financing difficulties of private enterprises in China and its causes,and points out the significance and necessity of the existence of the financial advisory system.On this basis,this paper first analyzes the role of financial advisers in helping private enterprises raise funds using first-hand information collected from field research on SW and HX companies,combined with semi-structured interviews with the chairmen of the two companies and related financial advisers.In order to study how the financial advisory system helps enterprises to raise funds on the performance of enterprises,this paper also analyzes the impact of financial advisers helping DA companies to raise financing on the short-term performance and continuous operation performance of DA companies through the financial data of DA companies served by financial consultants and other public information,combined with semi-structured interviews with relevant financial advisers,using event research,empirical analysis,financial indicator analysis and other methods.The study found that the financial advisory system effectively integrates the resources of the government,enterprises and financial institutions,deepens the relationship between government,enterprises and finance,and greatly alleviates the information asymmetry between financial institutions and enterprises.And the financial advisory system can accurately serve all kinds of private enterprises by selecting outstanding talents in financial institutions as financial consultants,so as to effectively solve the various financing problems faced by different types of private enterprises.Specifically,financial consultants use their professional knowledge to make accurate judgments on the business conditions and development prospects of enterprises,while docking suitable financial institutions for enterprises according to the heterogeneity characteristics of financial institutions,and on the other hand,the portrait of enterprises is completely presented in front of financial institutions to help financial institutions find potential customers,thereby reducing the information asymmetry between the two sides and helping enterprises better obtain financing.Financial consultants can also make up for the lack of financial knowledge level of entrepreneurs in entity enterprises,help enterprises to make better investment and financing decisions,and provide medium-and long-term financing plan planning for enterprises,so as to ensure that enterprises achieve sustainable and healthy development.In order to better develop the financial advisory system,this paper puts forward the following four suggestions:(1)Improve the certification and assessment system of the financial advisory system.(2)Further promote the construction of the financial advisory market mechanism.(3)Improve the financial literacy of entrepreneurs,which in turn creates a demand for financial advisory services.(4)Explore a socialist financial theory system with Chinese characteristics that conforms to the practice of the financial advisory system,and provide theoretical support for the promotion and practice of the financial advisory system in Zhejiang Province and even in the whole country.