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An Empirical Analysis of the Impact on Small and Medium-sized Enterprises under Direct Provincial Supervision of County Finance

LI Ge (School of Economics,Renmin University of China,Beijing 100872,China)  
This paper explores with the double difference method the impact on the performances of small and medium-sized enterprises in the context of Direct Provincial Supervision of County Finance.Study shows that despite an effective control of the region's year-end loan balance,manpower growth rate,urban workers' average salary and GDP per capita,the policy reform does not demonstrate notable results due to the fact that although urban workers' average pay coefficient is notably positive,estimated coefficients of other variables such as the region's year-end loan balance,manpower growth rate and GDP per capita are not striking,i.e.,factors of manpower and market size do not notably affect the development of small and medium-sized enterprises.And furthermore,regressive analysis shows fund shortage' faced by such enterprises is not necessarily an important factor that hinders their development,but enhancing residents' consumption and purchasing power shall obviously promote enterprise growth.
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