Industrial Agglomeration, Financial Development and Financing Constraints of Small and Medium-sized Enterprises

Rong Yang, Xuemeng Guo
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Abstract

This paper chooses the data of new three-board listed industrial enterprises from 2014 to 2016 as samples, and tests the relationship between industrial agglomeration, financial development and financing constraints of small and medium-sized enterprises through empirical analysis. The study finds that industrial agglomeration is conducive to alleviating the financing constraints of SMEs, and the lagging of financial development, the more significant the mitigation effect of industrial agglomeration on the financing constraints of SMEs. Keywords-industrial agglomeration; financial development; small and medium-sized enterprises; financing constraints
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产业集聚、金融发展与中小企业融资约束
本文选取2014 - 2016年新三板工业上市企业数据为样本,通过实证分析检验产业集聚、金融发展与中小企业融资约束之间的关系。研究发现,产业集聚有利于缓解中小企业融资约束,而金融发展的滞后性越强,产业集聚对中小企业融资约束的缓解作用越显著。Keywords-industrial集聚;金融发展;中小企业;融资约束
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