Abstract: Based on the static panel data of 152 commercial banks and 469 private enterprises listed on SME board from 2014 to 2018, this paper empirically analyzes the impact of strict supervision and distance between banks and enterprises on the financing constraints of private enterprises. The results show that the narrowing of the distance between banks and enterprises can promote the alleviation of financing constraints of private enterprises and reduce the negative impact of strict supervision on private enterprises' financing The reduction of the distance between enterprises significantly weakens the negative impact of strict supervision on the financing of private enterprises; the financing constraints of private enterprises in areas with high degree of financing constraints and high concentration of private enterprises are greatly affected by the distance between banks and enterprises. Therefore, it is suggested that we should speed up the promotion of digital Inclusive Finance, optimize the distribution structure of bank outlets, pay attention to the differentiated management of financial regulatory policies, encourage small and medium-sized banks to support the development of small and medium-sized private enterprises, innovate financial technology service channels, and effectively improve the financing environment of private enterprises.

Key words: Private Enterprises, Enterprise Financing, Bank Enterprise Distance, Private Enterprise Financing Constraint, Private Enterprise Financing Environment, Strict Supervision