Abstract
The construction of social credit system is an important prerequisite and objective need for the orderly and healthy development of market economy. Through the mechanism of credit information sharing and credit joint reward and punishment mechanism, it reduces information asymmetry and reveals the merits and demerits of social subject credit. It integrates the whole social forces to praise the good faith, punish the breach of trust, and creates a good credit environment. It is a common phenomenon that enterprises are faced with financing constraints which are not conducive to the growth and development of enterprises. This paper examines the influence of the construction of social credit system on the relationship between financing constraints and enterprise growth. It is found that the construction of social credit system can alleviate the adverse effects of financing constraints on the growth of enterprises, which is more obvious in non-state-owned enterprises.
Highlights
Enterprises are important participants in the market economy, whose development is closely related to the economic development of our country
This paper first uses the fixed effect model to test whether the data has individual and time fixed effect, by constructing the two-way fixed effect model of enterprise growth and financing constraints, and the F value test is 1.39, and the probability is 0.000, which means that the result rejects the original hypothesis, so this paper selects the fixed effect model between instead of mixed regression model
The original hypothesis of Hausman test is that there is no difference between fixed effect and random effect, and the result of Hausman test is 1217.18, and the probability of the test is 0.000, so the original hypothesis is rejected, and this paper chooses the two-way fixed effect model to study the relationship between enterprise growth and enterprise financing constraints
Summary
Enterprises are important participants in the market economy, whose development is closely related to the economic development of our country. Banks and other formal financial institutions in system are more inclined to put credit resources into the state-owned economy, while private enterprises, especially small and medium-sized enterprises, are facing stronger external financing barriers (Zhang Jie, 2000) [9]. It is difficult for financial institutions to effectively identify the credit propensity of enterprises and insufficient credit quotas are allocated to private enterprises, which leads to the financing difficulties and credit crisis that affect the growth of enterprises (Zhao Chi, 2012) [10] To break this dilemma, on the one hand, from the perspective of the external environment, we need to build a good institutional environment. Enterprises are faced with financing constraints by their own internal factors, and by the imperfect establishment of external mechanisms and the poor transmission of enterprise credit information It is inevitably limited if we only look for breakthroughs from the enterprise. The article is organized as follows:The second part is the theoretical analysis and research hypothesis; the third part is the research design, introducing the research sample, data sources, variable setting and measurement model; the fourth part is the empirical results and analysis; the fifth part is the robustness test; the final part is conclusions and suggestions
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