The Influence of Financial Marketization and Direct Financing on the Credit of Listed SMEs

摘要

This paper discusses the impact of financial marketization and direct financing on listed SME Credit in the New OTC (Over the Counter) Market and clarifies the "promotion effect" of financial marketization on corporate credit, the "crowding-out effect" of direct financing on corporate credit, and the cross-impact influence on the credit of listed SMEs. The results show the following results: 1) High degree of financial marketization promotes the credit of local listed companies. 2) The direct financing behavior of the listed companies has reduced the credit financing of the company. 3) The "cross-impact" of the combination of high regional financial marketization and low-enterprise direct financing on the listed company's credit is stronger than its role in promoting corporate credit.