Impact of Demographic Traits of Entrepreneurs on Financing Constraints of SMEs

Based on the upper echelons theory, the research analyzes the effect of demographic traits of entrepreneurs on financing constraints of SMEs with the hierarchical linear models, which samples 530 Chinese listed SMEs from the year 2010. According to the results, it is found that different demographic traits of entrepreneurs have different effects on the financing constraints of SMEs. Specifically, the education and title of entrepreneurs have a positive impact on easing financing constraints of SMEs, meanwhile, age and tenure of entrepreneurs have a significant U-shaped impact, but female entrepreneurs have a negative impact instead. The research not only enriches the theories between demographic traits of entrepreneurs and financing constraints of SMEs, but also provides an empirical support for SMEs in China to ease financing constraints.