International Journal of Frontiers in Sociology, 2021, 3(16); doi: 10.25236/IJFS.2021.031604.
Jianzhong Lei, Fen Zhang
School of Mathematics and Finance, Hunan University of Humanities, Science and Technology, Loudi 417000, China
Based on the sample data of listed companies on China's SME Board, this paper empirically tests whether there is financing constraint on listed companies on China's SME Board by using the financing constraint model proposed by Almeida et al. (2004), and further analyzes the impact of financial development on listed companies' financing constraint.The empirical results show that listed companies in China are facing different degrees of financing constraints, and the progress of financial development level can alleviate the financing constraints of listed companies. Finally, relevant policy suggestions are put forward accordingly.
Financial development, Financing constraint, Listed companies of SME Board, Cash - cash flow sensitivity model
Jianzhong Lei, Fen Zhang. The Influence of Financial Development on Financing Constraint of Listed Companies on SME Board. International Journal of Frontiers in Sociology (2021), Vol. 3, Issue 16: 26-30. https://doi.org/10.25236/IJFS.2021.031604.
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