Abstract:Taking the financial data of listed corporations in Shanghai and Shenzhen from 2005 to 2014 as samples, this paper makes a research on the influence of the different stages of the life cycle and regional financial development on enterprise credit financing. The study shows that in the growing period of enterprises, the proportion of commercial credit financing is significantly higher than the non-growing period of the enterprise; the higher the level of regional financial development, the lower the proportion of enterprise commercial credit financing. Further study finds that compared to areas with low level of financial development, in areas with a high level of financial development, commercial credit financing in the growing period enterprise is greater than that in the non-growing enterprise. It shows that the level of financial development has an “amplification effect” on the financing gap in enterprises in different life cycles.