关键词: 融资约束 , 融资条件 , 非正规融资 , 京津冀地区

Abstract: Based on the unique enterprise survey data of BeijingTianjinHebei region and the structural equation model to overcome the endogeneity, this paper makes an empirical analysis on the causes and effects of financing constraints The empirical results show that both the enterprises internal conditions and the external market environment have important influence on the financing constraints, but the impact of internal conditions is more pronounced The total effect of the financing constraint on the performance of the firm is not significant After distinguishing the different dimensions of the financing constraints, we find that the increase in financing access significantly contributes to the improvement of firm performance The financing frequency is harmful, while the waiting time of financing has no statistically significant impact The further analysis shows that the above conclusion holds whether it is a formal financing channel or an informal financing channel The use of a variety of policies to improve the management level of enterprises and improve their own conditions is the most effective way to ease the financing constraints

Key words: financing constraints , financing conditions , informal financing , BeijingTianjinHebei region