Abstract: Based on the survey data of private enterprises in China from 2012 to 2016， this paper adopts OLS model and instrumental variable method to analyze the impact of non-tax burden of private enterprises on financing behaviour. The results show that non-tax burden has significantly squeezed out the cash flow of enterprises， reduced the internal financing ratio， and increased the risk of external financing. This conclusion has been confirmed in specific items of non-tax burden. Heterogeneity analysis shows that this effect is more significant in small and medium-sized enterprises， start-up enterprises， and manufacturing and producer services， but has no obvious impact in large， mature enterprises and non-producer services. Further research has found that non-tax burden mainly increases the informal financing of enterprises， but has not affected the formal financing needs. Therefore， the government should step up efforts to promote the reform of non-tax revenue collection and management independence and optimize the reform of financing system to create a good financing environment for the development of private enterprises.

Key words: non-tax burden; financing behaviour; external financing; private enterprise