Research On The Heterogeneity Influence Of Credit Literacy On Financing Constraints Of Small And Medium Enterprises

Small and medium-sized enterprises play an important role in China’s economic system.However,due to the long tail of capital demand and the influence of factors such as information asymmetry and credit rationing,it is difficult to obtain external financing and face strong financing constraints.This thesis mainly studies the impact of credit literacy on the financing constraints of SMEs,aiming to explore whether the improvement of credit literacy of SMEs will bring new opportunities for the relief of financing constraints of SMEs.The research on easing the financing constraints of SMEs is related to the healthy operation of the market economy in which SMEs dominate,and it also helps to investigate new impact factors for SMEs to overcome funding constraints.In this thesis,we review the literature on the causes of financing constraints,the ways to alleviate financing constraints and the impact of corporate credit on corporate financing constraints.After expounding the financing problems faced by SMEs,tthis thesis emphasizes on the theory analysis,sums up the reason and theory foundation of SMEs’ financing restriction for credit literacy to alleviate financing constraints,and makes research assumptions based on this.In the empirical research,the article mainly uses the two-way fixed effect model,uses the cash-cash flow sensitivity model to measure the degree of financing constraints,and uses the data of 664 original SMEs to analyze.The GMM first-order lag dynamic panel method is used to test and further study the heterogeneity of credit literacy on different enterprises’ nature,regions and industries.The results show that the SMEs represented by the original SME board in China have significant financing constraints.The development of credit literacy has weakened the motivation of enterprises to hold cash to a certain extent,and improved the financing constraints of enterprises.At the same time,different secondary indicators of credit literacy have different effects on easing the financing constraints of SMEs in different property rights,industries and regions.This thesis explores the impact of the development of credit literacy on the financing constraints of SMEs,and offers a new perspective to the relevant departments to alleviate the financing constraints of SMEs through multiple channels.The thesis is innovative in the choice of research objects,heterogeneity analysis and the construction of credit literacy index system.However,due to the availability of data,the current situation of financing in this thesis is lack of research on private financing,resulting in the reduction of research samples and the limited scope of research.From the perspective of research,this thesis only analyzes the loans obtained by enterprises,but can not obtain the real capital needs of enterprises and the situation of enterprises seeking funds and being rejected,which is also a deficiency of this thesis.