Relaxation of Interest Rate Regulation of Private Lending and Financing Constraints of SMEs—Empirical Evidence Based on SME Board and GEM
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.
Private LendingRegulation of Interest RatesFinancing Con-straintsSignaling Theory
万方数据
