关键词: 营商环境, 债务来源, 融资歧视, 契约异质性

Abstract: According to the layout requirements of the Central Committee of the Communist Party of China about“deepening supply-side structural reform in the financial sector”, this paper analyzes the influencing mechanism of the business environment on the source of corporate debt and financing discrimination from the perspective of contract heterogeneity; meanwhile it uses big sample data of manufacturing enterprises in China and builds a control group to conduct a multi-angle microscopic empirical analysis. The findings show that under information asymmetry, the improvement of regional business environment can be achieved through reducing the risks of debt default and making up the incompleteness of contract to affect the source structure of corporate debt. More guaranteed bank loans will gradually replace commercial credit which is biased towards informal contracts. This effect will be different because of the characteristics of industrial heterogeneity. The results of further study indicate that the optimization of regional business environment would make the finance resources from formal channels, such as bank loans, flow to SMEs and non SOEs, which can alleviate financing discrimination problems and improve the utilization efficiency of the financial resources. Therefore, to promote the business environment is a significant means to improve the credit structure of regional banks, to promote the economic development of SMEs and non SOEs, and to boost industrial upgrading.

Key words: business environment, source of debt, financing discrimination, contract heterogeneity