Based on extended application of the signal theory and the panel data from Shanghai and Shenzhen A-share SME board and GEM listed enterprises be-tween 2011 and 2019,this paper takes the formal implementation of the"lending regulations"as a quasi-natural experiment,and empirically evaluates the impact of the relaxation of private lending interest rate regulation marked by the formal imple-mentation of the"lending regulations"on the financing constraints of small and medium-sized enterprises by using differences in differences(DID).The empirical results show that the relaxation of private lending interest rate regulation can signifi-cantly alleviate the financing constraints of SMEs.The relaxation of private lending interest rate regulation can also encourage small and medium-sized enterprises to im-prove their governance level,thereby alleviating their financing constraints.Further research finds that the relaxation of interest rate regulation on private lending has a more obvious mitigation effect on the financing constraints of small and medium-sized enterprises in the growth period,intense industry competition,areas with high levels of financial development or areas with high judicial transparency.This study has a certain reference value for alleviating financing constraints of SMEs and promoting the collaborative governance of private lending.
关键词
民间借贷/利率规制/融资约束/信号理论
Key words
Private Lending/Regulation of Interest Rates/Financing Con-straints/Signaling Theory
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