Research on the Impact of Financial Innovation of Small And Medium-Sized Banks on Financing Constraints of Small And Medium-Sized Enterprises—Empirical Analysis of Sample Enterprises Based on Sme Board And Gem

Xi Zhang; Lei Wang

doi:10.47297/wspdecWSP2515-797301.20210502

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Research on the Impact of Financial Innovation of Small And Medium-Sized Banks on Financing Constraints of Small And Medium-Sized Enterprises—Empirical Analysis of Sample Enterprises Based on Sme Board And Gem

5卷第2期

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Research on the Impact of Financial Innovation of Small And Medium-Sized Banks on Financing Constraints of Small And Medium-Sized Enterprises—Empirical Analysis of Sample Enterprises Based on Sme Board And Gem
Research on the Impact of Financial Innovation of Small And Medium-Sized Banks on Financing Constraints of Small And Medium-Sized Enterprises—Empirical Analysis of Sample Enterprises Based on Sme Board And Gem
1.Financial Research Center, Postal Scientific Research and Planning Academy
2.Bank Of Communications Hebei Provincial Branch
2021年5卷第2期页码：3-12
纸质出版日期： 2021-12-30 ，
DOI：10.47297/wspdecWSP2515-797301.20210502
Accepted：

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(2021). Research on the Impact of Financial Innovation of Small And Medium-Sized Banks on Financing Constraints of Small And Medium-Sized Enterprises—Empirical Analysis of Sample Enterprises Based on Sme Board And Gem. 发展经济学, 5(2), 3-12.

Xi Zhang,Lei Wang.Research on the Impact of Financial Innovation of Small And Medium-Sized Banks on Financing Constraints of Small And Medium-Sized Enterprises—Empirical Analysis of Sample Enterprises Based on Sme Board And Gem[J].Development Economics of China,2021,05(02):3-12.
(2021). Research on the Impact of Financial Innovation of Small And Medium-Sized Banks on Financing Constraints of Small And Medium-Sized Enterprises—Empirical Analysis of Sample Enterprises Based on Sme Board And Gem. 发展经济学, 5(2), 3-12. DOI： 10.47297/wspdecWSP2515-797301.20210502.

Xi Zhang,Lei Wang.Research on the Impact of Financial Innovation of Small And Medium-Sized Banks on Financing Constraints of Small And Medium-Sized Enterprises—Empirical Analysis of Sample Enterprises Based on Sme Board And Gem[J].Development Economics of China,2021,05(02):3-12. DOI： 10.47297/wspdecWSP2515-797301.20210502.

摘要

Abstract

Based on the financial data of sample enterprises on the SME board and gem

this paper uses the "cash cash flow sensitivity model" to investigate the impact of the financial innovation level of small and medium-sized banks on the financing constraints of small and medium-sized enterprises. Empirical research shows that there are still financing constraints for small and medium-sized enterprises listed on China's SME board and gem; The financial innovation of small and medium-sized banks has significantly alleviated the financing constraints of small and medium-sized enterprises. The policy implication of this article is that under the background of accelerating the reform of financial management system

small and medium-sized banks should carry out targeted financial innovation in science and technology finance

credit management

professional operation and community-based services

so as to alleviate the financing difficulties of small and medium-sized enterprises.

关键词

Keywords

Financial innovationSmall and medium-sized enterprisesFinancing constraints

references

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Khurana I K, Martin X M, Pereira R. Financial Development and the Cash Flow Sensitivity of Cash[J]. Journal of Financial and Quantitative Analysis, 2006, 41(4).

Gerard G,Ganesh N P. Developmental financial institutions as technology policy instruments: implications for innovation and entrepreneurship in emerging economies[J]. Research Policy, 2003, 32(1).

René M S. Financial Structure, Corporate Finance and Economic Growth[J]. International Review of Finance, 2000, 1(1).

Sean C. The Relationship between Firm Investment and Financial Status[J]. The Journal of Finance, 1999, 54(2).

Raghuram G R, Luigi Z. Financial Dependence and Growth[J]. The American Economic Review, 1998, 88(3).

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