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From the perspective of principal-agent, the theory of financial acceleration holds that due to the defects of the financial market, external shocks will be amplified by the financial market and accelerate the transmission in the real economy, and the impact on small enterprises is greater than that on large enterprises. According to the theory of financial deceleration, the agency cost caused by financial friction is counter-cyclical, which restrains credit scale to some extent, prevents excessive debt, and thus alleviates external shocks. According to the empirical analysis of panel data of iron and steel enterprises and the existing empirical results of the real estate industry, it is found that there is no financial accelerator effect or financial reducer effect in the field of iron and steel enterprises. China’s financial accelerator is more focused on bubbly assets where growth is expected and continues to be overheated despite policy tightening. That would trigger a bigger debt crisis and greater economic volatility.

Minor enterprises have made an indelible contribution to economic development, while financing has always been a problem hindering the sustainable development of them. Under the influence of the epidemic, the business environment of minor enterprises has changed, and the financing demand has also changed. However, the degree and scope of assistance are limited. There is a contradiction between supply and demand in fund allocation. Based on this, this project puts forward policy suggestions by studying the changes of financing demand and fund supplier of minor enterprises in Wuhan in the post epidemic era, which will help to solve the financing difficulties and promote healthy and sustainable development of the national economy.