The Impact of the Expansion of Financing Platform Debt Scale on the Financing Constraints of Small and Medium-sized Enterprises from the Perspective of Financial Powerhouse
Based on the data of small and medium-sized enterprises(SMEs),financing platform companies,and macro-statistics from prefecture-level cities from 2013 to 2019,this paper constructs a two-sector model comprising banks and enterprises,integrates financing platform debt and SMEs financing into a unified theoretical framework,and explores the impact and mechanism of financing platforms'debt scale expansion on the financing constraints of SMEs.The study finds that the expansion of financing platforms'debt scale increases the credit interest rates of SMEs,reduces the credit scale of SMEs,and intensifies the financing constraints faced by SMEs.Moreover,the results of the chain mechanism test indicate that the expansion of the debt scale of the financing platforms primarily affects SMEs financing constraints through various pathways,including credit interest rates and credit scale.Accordingly,this paper proposes policy implications for alleviating the financing constraints faced by SMEs from the perspective of financing platform companies'transformation and risk governance.
Financing Platform DebtSmall and Medium EnterprisesFinancing ConstraintsCredit Interest RateCredit Scale
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