Abstract
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.
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