An Empirical Study Of The Commercial Paper Market Relieving The Financing Constraints Of Small And Medium-sized Enterprises

The financing of small and medium-sized enterprises has always been an important topic in financial research,but there is little research on the improvement of financing of small and medium-sized enterprises by commercial paper.Domestic and foreign scholars focus on equity financing,and the improvement of financing constraints of small and medium-sized enterprises by issuing bonds.The research on bill financing is mainly based on case analysis,with the help of empirical analysis less.At the same time,the research on the field of financing constraints is also a relatively innovative financial topic.The research on bill financing has certain commercial practical significance for improving the financing constraints of small and medium-sized enterprises.As a financial financing tool,the financing process of commercial paper is simple and easy to operate,which will reduce the financing cost of enterprises and broaden the financing channels of enterprises.Small and medium-sized enterprises need to continuously improve the level of corporate governance and commercial credit ability,and realize the continuous improvement of the financing environment with the help of commercial paper.Through reading and combing the academic literature and theoretical basis of research,combined with the current financing status of small and medium-sized enterprises in China and the development of commercial paper market,this paper explores how commercial paper can effectively improve the financing constraints of small and medium-sized enterprises in China.By establishing the sensitivity model of investment cash flow and substituting relevant variables into the bill market,this paper studies how the commercial paper market can alleviate the financing constraints of small and medium-sized enterprises through empirical analysis.The conclusion is that the improvement of bill structure and bill financing scale can effectively alleviate the degree of financing constraints of enterprises,while the increase of bill discount price will affect the improvement of financing constraint environment of enterprises.In terms of policy recommendations,it is proposed to improve bill financing legislation,use rediscount monetary policy tools,strengthen investor education,improve the carrying capacity of the bill market,expand the depth of the bill market,innovate bill products and services,and meet the financing needs of small and medium-sized enterprises.